Another wave of risk aversion swept through global markets Thursday as Dow futures fell over 100 points and the Eurozone debt contagion appeared to quicken its spread to Italy and Spain.

SPDR S&P 500 ETF (NYSEArca: SPY) fell more than 1% in preopen trade.

In Europe, the iShares MSCI Italy (NYSEArca: EWI) was set for a sharply lower open as a speech by Prime Minister Silvio Berlusconi failed to soothe markets. [Italy ETF Feeling Heat of Debt Crisis]

An ETF tracking Germany was also active before the bell following soft economic data. [Germany ETF Lower on Economic Worries]