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World markets mixed after disappointing US data
Published in Saudi Press Agency on 04 - 06 - 2009

Asian stock markets fell Thursday after weaker-than-expected economic figures in the world's
largest economy led investors to take profits from a recent
advance. But European shares traded higher, AP reported.
Investor optimism has swelled in recent months with signs
the economy was starting to heal, so they were disappointed
when figures about the services industry and factory orders
in the U.S. came in worse than anticipated.
The news dragged Wall Street lower overnight, snapping a
four-day winning streak, and Asia's bourses followed, some
with declines of 2 percent or more. Oil companies weighed
on the broader market after crude prices pulled back
overnight.
With historically low interest rates sending many
investors after higher returns, some analysts expected
Thursday's selling in Asia to be short-lived even if stock
prices were starting to overvalue some companies. Major
indexes from Asia to the U.S. have risen 30 percent or more
since early March on signs the global recession is easing.
«The market is getting ahead of the fundamentals, the
global economy is improving but still hasn't recovered. But
I still see this as more profit taking and think we could
still go higher,» said Francis Lun, general manager of
Fulbright Securities in Hong Kong.
In early trade in Europe, the benchmark indexes in
Britain, Germany and Europe rose about 1 percent. Wall
Street was headed for a higher open after U.S. futures
recovered during the day. Dow futures gained 36, or 0.4
percent, to 8,705 and S&P futures rose 4.8, or 0.5 percent,
to 936.50.
Japan's benchmark Nikkei 225 stock average, green over the
last six sessions, lost 72.71 points, or 0.8 percent, to
9,668.96.
Hong Kong's Hang Seng shed 73.7, or 0.4 percent, to
18,502.77, but was down over 2 percent earlier in the
session. South Korea's Kospi swooned 36.75, or 2.6 percent,
to 1,378.14.
Benchmarks in Australia and Taiwan were off around 2
percent, while India's Sensex rose 0.5 percent.
Asian and other emerging markets have regained their
darling status among investors in recent months, with
benchmarks in Mumbai and Shanghai gaining more than 50
percent so far this year. Hong Kong shares have rocketed
some 50 percent since March alone.


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