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US futures slid on grim news from Europe
US stock futures fall as borrowing costs rise in European countries like Spain and Italy
By The Associated Press

NEW YORK (AP) ' U.S. futures are falling as the risk of economic contagion from Spain is felt in Italy.

An Italian debt auction Wednesday showed the country's borrowing rates have risen to levels last seen in December, and rates rose again in Spain.

Dow Jones industrial average futures are down 17 points to 12,497. Standard & Poor's 500 futures have fallen 3.1 points to 1,317. Nasdaq composite futures are down 3.75 points to 2,541.25.

The fear is that the rising expense of borrowing money by vulnerable governments will only make it more difficult to secure cash, and that economies will soon freeze.

France's CAC-40 dropped 0.5 percent to 3,033, while the DAX in Germany fell the same percentage to 6,129. The FTSE index of leading British shares is down 0.1 percent to 5,469.

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