On Friday European stocks fell for a third day as policy makers failed to allay investor concern that the European debt crisis is spreading and the economy is weakening. U.S. index futures and Asian shares fell.

Rio Tinto Group, Weir Group Plc and Bayerische Motoren Werke AG led a slump among companies with earnings most tied to economic growth.

The Stoxx Europe 600 Index slid 1.5 percent in London after earlier rising as much as 1.2 percent. The gauge has retreated to the lowest level in two years.

More than $3.4 trillion has been erased from equity values this week, driving the MSCI All-Country World Index of 45 nations into a bear market. The Stoxx 600 yesterday fell to the lowest since July 2009, extending the decline from this year’s high on Feb. 17 to 26 percent amid concern the global economic recovery is stalling and the European debt crisis is spreading. The gauge has fallen 7.2 percent this month.

Group of 20 finance chiefs pledged to address rising risks to the global economy and pushed Europe to contain its sovereign debt crisis after concern the world is on the brink of another recession sent stocks tumbling.

Policy makers are “committed to a strong and coordinated international response to address the renewed challenges facing the global economy,” G-20 finance ministers and central bank governors said in a statement late on Thursday in Washington. Many urged Europe to implement a July promise to expand the powers of a rescue fund, Japanese Finance Minister Jun Azumi said.

Asian stocks fell, driving a regional benchmark index toward the biggest weekly drop in almost three years, on concern policy makers worldwide are running out of tools to avert another global economic recession.