World stocks stall after Asian session

 

Amsterdam

World stock markets mostly declined today against a backdrop of worries about global economic growth and Europe's debt crisis.

European Finance Ministers were meeting in Luxembourg but were not expected to take any strong action, even as yields on Spain's government debt have once again begun rising. Meanwhile, comments by the International Monetary Fund on the global economy "provide a gloomy backdrop" for the day, said Monument Securities analyst Marc Ostwald.

The IMF cut its estimates for global economic growth on Monday and warned that mature economies are at risk of recession.

European stocks dropped in early trading. Britain's FTSE 100 fell more than 0.2 per cent to 5,827.72. Germany's DAX lost 0.4 per cent to 7,259.02 and France's CAC-40 shed 0.1 per cent at 3,403.30.

Wall Street, which absorbed the impact of the IMF report yesterday, appeared set to open only slightly lower, with Dow Jones Industrial index futures slipping less than a tenth of a per cent to 13,495.00. S&P 500 futures lost 0.1 per cent to 1,449.00. Aluminum maker Alcoa will be the first major company to report third quarter earnings after today's close.

In Asia, Chinese stocks bucked the negative trend and rose after the country's central bank injected 265 billion yuan ($42 billion) into the money supply in what analysts said was the second-biggest such move to date.

In addition, China's sovereign wealth fund said it would buy millions of shares in Industrial & Commercial Bank of China, the world's biggest bank by market capitalization.

Hong Kong's Hang Seng rose 0.5 per cent to 20,937.28 while South Korea's Kospi fell 0.1 per cent to 1,979.04. Australia's S&P/ASX 200 gained 0.5 per cent to 4,505.30 on a positive consumer confidence report and hopes of upcoming interest rate cuts. Japan's Nikkei 225 index tumbled 1.1 per cent to 8,769.59, reopening after a holiday. Benchmarks in Singapore, Taiwan, Thailand and New Zealand also fell.

But mainland China's Shanghai Composite Index climbed 2 per cent to 2,115.23, with financial and energy-related stocks gaining most.

Some analysts suggested that Asia still remains a bright spot in the global economy and that investors should keep the big picture in mind.

"Asia has grown nearly 32 (per cent) in the four years since Lehman Brothers collapsed," analysts at DBS Bank Ltd. in Singapore said in a market commentary. "That's how big Asia is today and how fast it is growing. A weak Europe will never be a plus for Asia. But it's never mattered less either."

Benchmark oil for November delivery was up 44 cents to $89.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed down 55 cents to $89.33 per barrel on the Nymex yesterday.

In currencies, the euro rose slightly to $1.2940 from $1.2928 late yesterday in New York. The dollar was slightly lower against the yen at 78.30 yen from 78.34 yen.

AP

PROMOTED VIDEO
Arts and Entertainment
Robert De Niro, Martin Scorsese and DiCaprio, at an awards show in 2010
filmsDe Niro, DiCaprio and Pitt to star
News
i100
News
In this photo illustration a school student eats a hamburger as part of his lunch which was brought from a fast food shop near his school, on October 5, 2005 in London, England. The British government has announced plans to remove junk food from school lunches. From September 2006, food that is high in fat, sugar or salt will be banned from meals and removed from vending machines in schools across England. The move comes in response to a campaign by celebrity TV chef Jamie Oliver to improve school meals.
science
Sport
England captain Wayne Rooney during training
FOOTBALLNew captain vows side will deliver against Norway for small crowd
Life and Style
Red or dead: An actor portrays Hungarian countess Elizabeth Báthory, rumoured to have bathed in blood to keep youthful
health
News
peopleJustin Bieber charged with assault and dangerous driving after crashing quad bike into a minivan
News
ebooksAn unforgettable anthology of contemporary reportage
News
peopleHis band Survivor was due to resume touring this month
News
people'It can last and it's terrifying'
Life and Style
fashionModel of the moment shoots for first time with catwalk veteran
Sport
Radamel Falcao poses with his United shirt
FOOTBALLRadamel Falcao's journey from teenage debutant in Colombia to Manchester United's star signing
Life and Style
fashionAngelina Jolie's wedding dressed revealed
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Front-Office Developer (C#, .NET, Java,Artificial Intelligence)

£30000 - £45000 per annum + benefits+bonus+package: Harrington Starr: Front-Of...

C++ Quant Developer

£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...

Java/Calypso Developer

£700 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, J2EE, J...

SQL Developer

£500 per day: Harrington Starr: SQL Developer SQL, C#, Stored Procedures, MDX...

Day In a Page

Chief inspector of GPs: ‘Most doctors don’t really know what bad practice can be like for patients’

Steve Field: ‘Most doctors don’t really know what bad practice can be like for patients’

The man charged with inspecting doctors explains why he may not be welcome in every surgery
Stolen youth: Younger blood can reverse many of the effects of ageing

Stolen youth

Younger blood can reverse many of the effects of ageing
Bob Willoughby: Hollywood's first behind the scenes photographer

Bob Willoughby: The reel deal

He was the photographer who brought documentary photojournalism to Hollywood, changing the way film stars would be portrayed for ever
Hollywood heavyweights produce world's most expensive corporate video - for Macau casino

Hollywood heavyweights produce world's most expensive corporate video - for Macau casino

Scorsese in the director's chair with De Niro, DiCaprio and Pitt to star
Angelina Jolie's wedding dress: made by Versace, designed by her children

Made by Versace, designed by her children

Angelina Jolie's wedding dressed revealed
Anyone for pulled chicken?

Pulling chicks

Pulled pork has gone from being a US barbecue secret to a regular on supermarket shelves. Now KFC is trying to tempt us with a chicken version
9 best steam generator irons

9 best steam generator irons

To get through your ironing as swiftly as possible, invest in one of these efficient gadgets
England v Norway: Wayne Rooney admits England must ‘put on a show’ to regain faith

Rooney admits England must ‘put on a show’ to regain faith

New captain vows side will deliver for small Wembley crowd
‘We knew he was something special:’ Radamel Falcao's journey from teenage debutant to Manchester United's star signing

‘We knew he was something special’

Radamel Falcao's journey from teenage debutant to Manchester United's star signing
'I’ll tell you what I would not serve - lamb and potatoes': US ambassador hits out at stodgy British food served at diplomatic dinners

'I’ll tell you what I would not serve - lamb and potatoes'

US ambassador hits out at stodgy British food
Radio Times female powerlist: A 'revolution' in TV gender roles

A 'revolution' in TV gender roles

Inside the Radio Times female powerlist
Endgame: James Frey's literary treasure hunt

James Frey's literary treasure hunt

Riddling trilogy could net you $3m
Fitbit: Because the tingle feels so good

Fitbit: Because the tingle feels so good

What David Sedaris learnt about the world from his fitness tracker
Saudis risk new Muslim division with proposal to move Mohamed’s tomb

Saudis risk new Muslim division with proposal to move Mohamed’s tomb

Second-holiest site in Islam attracts millions of pilgrims each year
Alexander Fury: The designer names to look for at fashion week this season

The big names to look for this fashion week

This week, designers begin to show their spring 2015 collections in New York