(Bloomberg) — Stocks in the U.S. and Europe plunged, following Japanese shares lower after the Nikkei 225 index posted its biggest two-day drop since 1987.

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Derivatives tied to rates for capesize ships used to haul coal and iron ore also fell, on speculation the earthquake will disrupt demand. Forward-freight agreements, traded by brokers and used to hedge or bet on future shipping rates, dropped 6.1 percent to $14,300 a day, according to data from Clarkson Securities Ltd., a broker of the contracts.