World markets fell modestly Monday, with investors fretting over the outlook for the world economy as the latest U.S. corporate earnings season kicks off, AP reported. The FTSE 100 index of leading British shares was down 10.35 points, or 0.2 percent, at 4,438.19, while Germany's DAX fell 28.58, or 0.6 percent, to 4,755.31. France's CAC-40 dropped 11.01 points, or 0.3 percent, at 3,288.49. Earlier Asian markets closed lower with Hong Kong's Hang Seng index down for a fifth straight session, closing 406.44 points, or 2.8 percent, lower at 13,971. Japan's market was closed for a national holiday. Stock markets around the world enjoyed a relatively strong rally at the start of 2009 but that came to an abrupt halt towards the end of last week amid grim economic and corporate news from the U.S., most notably the rise in the unemployment rate to a 16-year high of 7.2 percent. U.S. markets were expected to continue their recent downtrend later. The Dow Jones industrial average fell 1.6 percent to 8,599.18 on Friday, which meant it posted its biggest point and percentage loss since the week ended Nov. 21. The Standard & Poor's 500 index fell 2.1 percent to 890.35. Dow futures were 8 points, or 0.1 percent, lower at 8,515 and S&P500 futures slipped 1.1 points, or 0.1 percent, to 884.40. Oil prices edged lower, with light, sweet crude for February delivery down $1.98 cents at $38.85 a barrel in Asian trade. The dollar fell 0.2 percent to 90.10 yen, while the euro weakened 0.8 percent to $1.3357.
