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Global stocks having another lackluster day on economy fears | |
(about 5 hours later) | |
LONDON — Global stock markets were having another lackluster day Wednesday amid ongoing worries over the state of the world economy, which has piled the pressure on oil prices in particular. | |
KEEPING SCORE: In Europe, France’s CAC 40 was down 0.5 percent to 4,261 while Germany’s DAX fell 1.2 percent to 9,470. The FTSE 100 index of leading British shares was 0.6 percent lower at 5,867. U.S. stocks were poised for modest gains at the open, with Dow futures and the broader S&P 500 futures up 0.2 percent. | |
ECONOMY WORRIES: As well as fretting over the scale of the economic slowdown in China following further downbeat economic data earlier this week, investors are beginning to wonder whether the U.S. recovery is as strong as thought. Weak data this week has elevated those concerns, prompting big falls in the price of oil. On Wednesday, oil prices recovered some ground, but not much. A barrel of benchmark New York crude was up 43 cents at $30.31 a barrel while Brent, the international standard traded in London, rose 53 cents to $33.25 a barrel. | |
EUROPE WANING TOO: Added to the mix Wednesday were renewed fears over the slowdown in Europe. A closely watched survey from financial information company Markit found the economic recovery in the 19-country eurozone losing steam in January, a sign that the turmoil in global financial markets is beginning to weigh on business activity. | |
US DATA RUN: Further figures later Wednesday, including monthly jobs data from private payrolls firm ADP will be closely monitored in the context of whether the Federal Reserve will follow up its rate hike in December with another one next month. The busy U.S. calendar culminates Friday with the monthly nonfarm payrolls data for January, which often set the market tone for a week or two after their release. | |
ANALYST TAKE: “We may start to see markets quieten down over the course of the session as we gear up to Friday’s jobs report,” said James Hughes, chief market analyst at GKFX. | |
ASIA’S DAY: Japan’s benchmark Nikkei 225 lost 3.2 percent to finish at 17,191.25. South Korea’s Kospi slipped 0.8 percent to 1,890.67. Hong Kong’s Hang Seng was down 2.3 percent at 18,991.59 and China’s Shanghai Composite fell 0.4 percent to 2,739.25. Australia’s S&P/ASX 200 dropped 2.3 percent to 4,876.80. | |
CURRENCIES: It was a pretty flat day in currency markets with the euro up 0.1 percent at $1.0933 and the dollar 0.3 percent lower at 119.41 yen. | |
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |