Quantcast

World markets subdued as Wall Street rally loses momentum

Posted: Updated:
(AP Photo/Ahn Young-joon). A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 13, 2018. Asian markets surged Tuesday following overnight gains on the Wall Stree... (AP Photo/Ahn Young-joon). A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 13, 2018. Asian markets surged Tuesday following overnight gains on the Wall Stree...
(AP Photo/Ahn Young-joon). A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 13, 2018. Asian markets surged Tuesday following overnight gains on the Wall Stree... (AP Photo/Ahn Young-joon). A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 13, 2018. Asian markets surged Tuesday following overnight gains on the Wall Stree...
(AP Photo/Richard Drew). FILE- This Oct. 29, 2014, file photo, shows the Wall Street subway stop on Broadway, in New York's Financial District. The U.S. stock market opens at 9:30 a.m. EST on Monday, Feb. 12, 2018. (AP Photo/Richard Drew). FILE- This Oct. 29, 2014, file photo, shows the Wall Street subway stop on Broadway, in New York's Financial District. The U.S. stock market opens at 9:30 a.m. EST on Monday, Feb. 12, 2018.
(AP Photo/Richard Drew). A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average Monday, Feb. 12, 2018. Stocks are surging on Wall Street as the market claws back some of its massive ... (AP Photo/Richard Drew). A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average Monday, Feb. 12, 2018. Stocks are surging on Wall Street as the market claws back some of its massive ...
  • NationalMore>>

  • Admirers salute Billy Graham as motorcade crosses N Carolina

    Admirers salute Billy Graham as motorcade crosses N Carolina

    Saturday, February 24 2018 10:56 PM EST2018-02-25 03:56:44 GMT
    (AP Photo/Nell Redmond, File). FILE - In this Dec. 20, 2010 file photo, evangelist Billy Graham, 92, speaks during an interview at the Billy Graham Evangelistic Association headquarters in Charlotte, N.C. Graham, who died Wednesday, Feb. 21, 2018, at h...(AP Photo/Nell Redmond, File). FILE - In this Dec. 20, 2010 file photo, evangelist Billy Graham, 92, speaks during an interview at the Billy Graham Evangelistic Association headquarters in Charlotte, N.C. Graham, who died Wednesday, Feb. 21, 2018, at h...
    The Rev. Billy Graham's body will be brought to his hometown of Charlotte on Saturday as part of a procession expected to draw crowds of well-wishers.Full Story
    The Rev. Billy Graham's body will be brought to his hometown of Charlotte on Saturday as part of a procession expected to draw crowds of well-wishers.Full Story
  • After years of dejection, proponents of gun laws see hope

    After years of dejection, proponents of gun laws see hope

    Saturday, February 24 2018 10:56 PM EST2018-02-25 03:56:23 GMT
    (Michael Laughlin/South Florida Sun-Sentinel via AP, File). FILE - This Feb. 21, 2018 file photo shows Marjory Stoneman Douglas High School student Cameron Kasky, left, asking a question to Sen. Marco Rubio during a CNN town hall meeting in Sunrise, Fl...(Michael Laughlin/South Florida Sun-Sentinel via AP, File). FILE - This Feb. 21, 2018 file photo shows Marjory Stoneman Douglas High School student Cameron Kasky, left, asking a question to Sen. Marco Rubio during a CNN town hall meeting in Sunrise, Fl...
    "Our kids have started a revolution:" Teens' activism after Florida school shooting has some hopeful for action on gun policy.Full Story
    "Our kids have started a revolution:" Teens' activism after Florida school shooting has some hopeful for action on gun policy.Full Story
  • Keillor: Relationship with accuser simply 'romantic writing'

    Keillor: Relationship with accuser simply 'romantic writing'

    Saturday, February 24 2018 10:56 PM EST2018-02-25 03:56:19 GMT
    (AP Photo/Jeff Baenen). In this Friday, Feb. 23, 20189 photo, Garrison Keillor poses for a photo in Minneapolis.  Keillor discusses allegations of sexual harassment in his first extended interview since Minnesota Public Radio severed ties with the form...(AP Photo/Jeff Baenen). In this Friday, Feb. 23, 20189 photo, Garrison Keillor poses for a photo in Minneapolis. Keillor discusses allegations of sexual harassment in his first extended interview since Minnesota Public Radio severed ties with the form...
    Garrison Keillor says his relationship with a woman who accused him of sexual harassment was nothing more than "romantic writing" and that the two never had a sexual relationship.Full Story
    Garrison Keillor says his relationship with a woman who accused him of sexual harassment was nothing more than "romantic writing" and that the two never had a sexual relationship.Full Story

By YOUKYUNG LEE
AP Business Writer

SEOUL, South Korea (AP) - Stock markets in Europe and Asia were subdued Tuesday as the afterglow from Wall Street's overnight rally faded.

KEEPING SCORE: Germany's DAX shed 0.4 percent to 12,239 and the CAC 40 of France fell 0.3 percent to 5,122. Britain's FTSE 100 was wobbling in and out of negative territory, edging 0.2 percent higher to 7,191. S&P futures lost 0.6 percent and Dow futures were 0.5 percent lower, auguring a downbeat start for trading on Wall Street.

WHERE THINGS STAND: Sentiment is jittery after it took just nine days for stocks to plunge 10 percent from their latest peak, which was reached on Jan. 26. A drop of that size is known on Wall Street as a market "correction." According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. The index rose 1.5 percent Friday but still wound up with its worst weekly loss in more than two years.

US INFLATION: A key question is whether the correction has already hit bottom, said Jingyi Pan, a market strategist at IG. "Nevertheless, the worst is likely not over for this week for the simple reason that we have U.S. CPI sitting as a mammoth event risk this week," said Pan, referring to the Wednesday release of U.S. consumer price index data for January. Concerns over inflation helped caused last week's market plunge, so the data will be watched closely.

ASIA'S DAY: Japan's Nikkei 225 lost 0.7 percent to 21,244.68 after gaining more than 1.0 percent earlier in the day. Hong Kong's Hang Seng index added 1.4 percent to 29,884.06 and the Shanghai Composite Index advanced 1.0 percent to 3,185.86. South Korea's Kospi rose 1.1 percent to 2,395.19. Australia's S&P/ASX 200 rose 0.6 percent to 5,855.90.

JAPAN OUTLOOK: Japan is due to release fourth quarter GDP data on Wednesday. The government looks likely to keep Bank of Japan Governor Haruhiko Kuroda on as central bank chief for another term. But the decision on the BOJ governorship comes at a time when concern is growing over the central bank's strategy for eventually winding down its massive monetary stimulus.

OIL: Benchmark U.S. crude fell 29 cents to $59.00 per barrel in electronic trading on the New York Mercantile Exchange. It gained 9 cents on Monday. Brent crude, used to price international oils, dropped 16 cents to $62.43 per barrel in London.

CURRENCIES: The dollar slipped to 107.55 yen from 108.66 yen. The euro rose to $1.2351 from $1.2289.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.