NEW YORK -- U.S. stock futures are falling Monday as the initial enthusiasm over last week's agreement on fixing the European debt crisis is replaced by worries that it won't be enough.
The deal would allow for a central European authority to oversee future budgets for the 17 countries that use the euro. But it doesn't help cut existing debt, which has caused Greece, Ireland and Portugal to need bailouts and is threatening Italy and Spain.
Less than an hour before the opening of trading in New York, futures for the Dow Jones industrial average are down 99 points to 12,044 while futures on the broader S&P 500 index are down 11 points to 1,242.
Markets in Europe are dropping, with France's CAC-40 down 1.5 percent to 3,123.71, Germany's DAX off by 1.2 percent to 5,862.44, and London's FTSE 100 down 0.5 percent to 5,499.62.
Credit rating agency Moody's said last week's summit "offers few new measures."
"The announced measures therefore do not change Moody's previously expressed view that the crisis is in a critical and volatile stage," Moody's said, warning that it still intends to review all EU governments' ratings for possible downgrades during the first three months of 2012.
Asian stocks mostly closed higher, as they caught up with the gains made in Europe and the U.S. on Friday.
Japan's Nikkei 225 index jumped 1.4 percent to close at 8,653.82. South Korea's Kospi added 1.3 percent to 1,899.76 and benchmarks in Singapore, Taiwan, Australia and Indonesia also rose.