Asian stock markets rose modestly Wednesday in a session damped by evidence that recovery in the world"s biggest economy is likely to be slow and bumpy. European shares were higher, AP reported. The muted gains in Asia came after data showed the U.S. economy did not grow as quickly as previously forecast in the latest quarter. The Federal Reserve, meanwhile, said the recovery will be slow and unemployment will remain high. Oil prices hovered above $76 following a big tumble overnight while the dollar retreated against the euro and the yen. Stock market momentum was weak as fund managers unloaded portions of their portfolios to lock in profits after months of liquidity-fueled gains, said Peter Lai, investment manager at DBS Vickers in Hong Kong. «People are just waiting for some kind of catalyst to trigger profit-taking,» Lai said. «The economic figures from the U.S. seem to be not that appealing.» The U.S. government revised its calculation of third-quarter economic growth down to 2.8 percent on Tuesday from its original estimate of 3.5 percent. Meanwhile, the Conference Board said its Consumer Confidence Index rose to 49.5 in November from a revised reading of 48.7 in October. The report shows consumers remain gloomy heading into the holiday season. A reading above 90 means the economy is on solid footing. As trading got underway in Europe, benchmarks in Britain, Germany and France were up about 1 percent. Futures pointed to modest gains Wednesday on Wall Street. Dow futures rose 33, or 0.3 percent, to 10,438. Earlier in Asia, China"s Shanghai benchmark rebounded after a tumble the day before to close up 66.64 points, or 2.1 percent, at 3,290.17. That helped to lift Hong Kong out of negative territory with the Hang Seng index gaining 188.66, or 0.8 percent, to 22,611.80. Japanese stocks rose after five days in the red. The Nikkei 225 stock average advanced 40.06, or 0.4 percent, to 9,441.64. «The market rose on a technical rebound after extended losses. But investors were not keen on buying shares due to lingering concern that a recovery in the global economy could be slow,» said Yutaka Shiraki, senior strategist at Mitsubishi UFJ Securities Co. Ltd. Investors were also reluctant to chase gains due to a strong yen, which pressures Japanese exporters as it erodes their overseas profits. Elsewhere, South Korea"s Kospi climbed 5.46, or 0.3 percent, to 1,611.88 and Australia"s S&P/ASX 200 added 0.8 percent to 4,722.20. Singapore"s benchmark was up 0.3 percent.
