World stock markets slipped Wednesday in light Christmas Eve trade after downbeat data about the US economy and housing sector. But Wall Street's reaction to Wednesday's economic data was a shrug. The Dow Jones industrial average rose 48.99, or 0.58 percent, to 8,468.48, after falling for five straight sessions. Following the economic reports, Dow Jones industrial average futures rose 19, or 0.23 percent, to 8,407. Standard and amp; Poor's 500 index futures rose 1.40, or 0.16 percent, to 860.00, while Nasdaq 100 index futures added 0.50, or 0.04 percent, to 1,185.00. Britain's FTSE 100 index closed down 0.9 percent at 4,216.59 after a shortened trading day, while France's CAC-40 ended down 0.4 percent at 3,116.21. Germany's stock market was closed. European stocks fell on Wednesday, with markets closing for the Christmas holidays, as dealers absorbed bleak US economic data and losses overnight on Wall Street and earlier in Asia. The British capital's FTSE 100 index of leading shares dipped 0.93 percent to finish at 4,216.59 points at 1230 GMT. Shortly afterwards, the Paris CAC 40 fell 0.39 percent to finish at 3,116.21 points at 1300 GMT. Frankfurt fell 0.21 percent on Tuesday to finish the week at 4,629.38 points, closing one day earlier for the festive break. All three main European markets are closed on Thursday and Friday for Christmas. Battered by the global financial crisis, the British stock market has slumped by about 35 percent in value since the start of 2008. The French market has shed almost 45 percent and the German bourse has lost 42 percent. London “has been winding down since last weekend and the biggest risk would seem to be that the thin volumes could present some erratic pricing in the near term,” warned CMC Markets dealer Jimmy Yates in London. In Asia, Japan's Nikkei 225 stock average dropped 206.68 points, or 2.4 percent, to 8,517.10, after being closed Tuesday for a holiday. Shares in Toyota Motor Corp. tumbled 4 percent in their first trading day since Monday, when Japan's biggest automaker said it expected to post its first operating loss in almost 70 years this fiscal year. Wednesday's news that Toyota's global sales plunged almost 22 percent in November dragged down car firms around Asia. Many investors found little reason to buy after US data showed no signs of a turnaround in the world's largest economy, already in recession. The government said gross domestic product, the broadest measure of the economy, shrank at an annual rate of 0.5 percent in the third quarter. America's hard-hit housing sector also continued to deteriorate. New home sales weakened last month to the slowest pace in nearly 18 years, while prices of new homes dropped by the biggest amount in eight months. Sales of existing homes weakened. The sobering news sent Wall Street lower, with the Dow Jones industrial average shedding 100.28 points, or 1.18 percent, to 8,419.49. The Standard and amp; Poor's 500 index fell 8.47 points, or 0.97 percent, to 863.16. Hong Kong's Hang Seng Index closed down 0.3 percent to 14,184.14, while South Korea's Kospi lost 1.4 percent 1,128.51. “The end-of-the-year, bear-market, feel-good rally is ending sooner than many expected,” said Kirby Daley, senior strategist at Newedge Group in Hong Kong. “Investors are being hit in the face with the reality of just how bad the US economy is and they're seeing firsthand the effects this is having on the consumer and, as a result, companies like Toyota and US retailers,” he said. Elsewhere, Shanghai's benchmark lost 1.8 percent and India's main stock measure lost 1 percent; key indices in Australia, Taiwan and Singapore gained. Worries that demand would sink further well into 2009 pulled car companies lower. Honda Motor Co., Japan's No. 2 automaker, plummeted 5.7 percent, while South Korea's Hyundai Motor Co. shed 2.4 percent. Many markets across Asia will be closed Thursday for Christmas, including Hong Kong, Singapore and Australia. Japan's market, however, will be open.