HONG KONG , MAR 10 -

World stock markets were little changed Wednesday even as surging Chinese exports pointed to a pickup in global trade.

Asia's major indexes were mixed as many markets fluctuated for the second day in a row and European stocks opened without conviction in either direction. Oil prices hovered near $81 a barrel, while the dollar logged small gains versus the yen and the euro.

News that Chinese exports soared nearly 46 percent in February from a year earlier highlighted recovering demand as the world economy shakes off last year's recession.

At the same time, the report was stronger than expected and reinforced worries the government would intensify measures to prevent overheating in the world's fastest-growing major economy. China's moves to put the brakes on its economy, including restrictions aimed at excessive bank lending, have rattled markets worldwide in recent months.

"It should give the government more confidence to step up their tightening measures," Andy Xie, an independent economist based in Shanghai, said of Wednesday's report released by the government.

As trading got underway in Europe, Britain's FTSE 100 was off 0.2 percent, while Germany's DAX and France's CAC-40 both added 0.1 percent. Wall Street futures suggested a flat open in the U.S. Wednesday.

In Japan, the Nikkei 225 stock average shed 3.73 points to 10,563.92.

Hong Kong's Hang Seng traded sideways, gaining 0.74 point to 21,208.29 while Shanghai's market lost 0.7 percent at 3,048.93.

Elsewhere, South Korea's benchmark rose 0.1 percent, India's index was up 0.1 percent and Australia's market was almost unchanged.

Oil prices fell slightly in Asia, with benchmark crude for April delivery down 13 cents at $81.36 a barrel. The contract lost 38 cents overnight.

In currencies, the dollar was slightly higher at 90.11 yen from 89.94 yen. The euro fell to $1.3568 from $1.3598.

U.S. markets were sluggish overnight.

The Dow on Tuesday rose 11.86, or 0.1 percent, to 10,564.38. The Dow remains 25 percent below its peak of 14,164.53, reached in October 2007.

The S&P 500 index, the barometer favored by professional investors, rose 1.95, or 0.2 percent, to 1,140.45. The Nasdaq composite index rose 8.47, or 0.4 percent, to 2,340.68.

 

Posted on: 2010-03-10 04:08

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