Global Markets Lower After US Losses

Global Markets Lower After US Losses

TOKYO (AP) -- Global markets were mostly lower Wednesday after U.S. stocks took their biggest loss in almost a month, underscoring simmering worries about global economic growth.

KEEPING SCORE: France's CAC 40 dipped 0.6 percent to 4,303.63 in early trading, while Germany's DAX shed 0.2 percent to 10,121.14. Britain's FTSE 100 edged down 0.1 percent to 6,637.85. U.S. shares were set to drift lower, with Dow futures down 0.2 percent at 18,207. S&P 500 futures were also down 0.2 percent at 2,147.40.

JAPAN WOES: Disappointment is already setting in over how the substance of Japan's 28 trillion yen ($272 billion) economic stimulus package falls far short of the hype, given that much of the money is already in the pipeline. A strong yen is also deepening pessimism over prospects for Japan's recovery.

THE QUOTE: "The forex markets have been in risk-off mode over the past day, as concerns grow about Japan's woefully limited economic package and as oil prices plunge, stoking fears that global growth is stagnating," said Stephen Innes, senior trader at Oanda Asia Pacific.

ASIA'S DAY: Japan's benchmark Nikkei 225 slipped 1.9 percent to finish at 16,083.11. Australia's S&P/ASX 200 dropped 1.4 percent to 5,465.70. South Korea's Kospi lost 1.2 percent at 1,994.79. Hong Kong's Hang Seng dipped 1.8 percent to 21,739.12, but the Shanghai Composite inched up 0.2 percent to 2,978.46.

ENERGY: Oil prices rebounded from their recent plunge. Benchmark U.S. crude added 24 cents to $39.75 a barrel in electronic trading on the New York Mercantile Exchange. It fell 55 cents on Wednesday to $39.51 a barrel. Brent crude, used to price international oils, rose 32 cents to $42.12 a barrel in London.

CURRENCIES: The dollar fell to 101.14 yen from 102.60 yen late Tuesday in Asia, while the euro rose to $1.1200 from $1.1172.

(KA)