World markets mixed after lackluster US finish
- Mar 9, 2010
Topics:
Jeremiah Marquez, AP Business Writer, On Tuesday March 9, 2010, 4:27 am
HONG KONG (AP) -- Most Asian markets rose slightly Tuesday, but trading was subdued as investors awaited more clues about the health of the world economy following big gains the day before. European shares slipped in early trade.
A number of Asian markets fluctuated in line with Wall Street's mixed finish. Oil prices fell to near $81 a barrel, while the dollar weakened against the yen and strengthened against the euro.
The region's markets jumped Monday as investors expressed relief a key U.S. job report proved better than expected and eased worries about recovery in the world's largest economy. Growing optimism about Greece's debt troubles also helped confidence.
Henry Chan, a fund manager at Baring Asset Management, said the sideways trade Tuesday showed investors were still readjusting their expectations for the economy and government policies as the recovery gathers pace.
"We're still going to get volatility in the markets, but gradually people are gaining more confidence," said Chan, who helps manage around $10 billion in Asian equities.
Also inspiring caution were reports on the region's two biggest economies, China and Japan, that are due Wednesday. The strength of Chinese trade data could give investors a better sense of when and how Beijing will wean the country off its economy-boosting measures. A report on Japanese machinery orders, a key gauge of company spending, could provide more insight into the state of global trade and the world's second-largest economy.
As trading opened in Europe, Britain's FTSE 100 lost 0.3 percent, France's CAC-40 was down 0.3 percent and Germany's DAX shed 0.1 percent. U.S. futures pointed to a lower open on Wall Street Tuesday.
In Asia, Tokyo's Nikkei 225 stock average fell 18.27 points, or 0.2 percent, 10,567.65.
Elsewhere, Hong Kong's Hang Seng added 0.1 percent to 21,207.55 and South Korea's main benchmark edged up 0.1 percent to 1,660.83.
Shanghai's market climbed 0.5 percent, while markets in Australia, Taiwan and Singapore rose as well. India's market was down.
Oil prices slipped to near $81 a barrel in Asia, losing momentum after a monthlong run-up fueled by growing investor optimism about global economic growth. Benchmark crude for April delivery was down 61 cents to $81.26 a barrel after adding 37 cents overnight.
In currencies, the dollar was lower at 89.73 yen from 90.28 yen. The euro weakened to $1.3590 from $1.3631.
Monday on Wall Street, the Dow Jones industrial average fell about 14 points, or 0.1 percent, to finish at 10,552.52 a year after hitting bottom.
The other major indexes were narrowly mixed as stocks stalled after a big rally on Friday. |
