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World stock markets lower as mixed US data weigh before jobs report; Shanghai slips 2 pct
By JEREMIAH MARQUEZ
AP Business Writer
(AP) 04:47:32 AM (ET), Thursday, January 7, 2010 (HONG KONG)
World stock markets retreated Thursday as mixed reports about the U.S. economy dented confidence in the global turnaround.

After most Asian markets racked up modest losses, European shares traded lower early going. The dollar edged up against the yen and the euro, while oil prices hovered near $83 a barrel.

Investors were cautious after conflicting signs from the world's largest economy held U.S. stock markets back overnight.

One report pointed to marginal growth in the country's services industries in December. However, separate figures showed private sector companies slashed 84,000 jobs last month.

The employment news, worse than expected, intensified concerns that a separate jobs report due out Friday could disappoint and suggested the U.S. economy's recovery was losing steam.

Traders are still working out the market's direction for 2010 given lingering risks, from anemic U.S. growth to rising government debts in many parts of the world, said John Mar, co-head of sales trading, Daiwa Securities SMBC Co.

"There's still a lot of uncertainty globally," he said. "A lot of investors are trying to get a sense of where the trade is and how to position themselves for the new year."

As trade got under way in Europe. Britain's FTSE 100 lost 0.3 percent, Germany's DAX was down 0.5 percent France's CAC-40 dropped 0.7 percent. Futures augured modest losses Thursday on Wall Street. S&P futures fell 3.4 points, or 0.3 percent, to 1,129.60 and Dow futures were off 42, or 0.4 percent, to 10,474.

In Asia, Tokyo's Nikkei 225 stock average lost 49.79, or 0.5 percent, to 10,681.66, helped by a softer yen as Japan's new finance minister said the country's currency should be weaker. Analysts said the appointment, made after the former minister resigned due to health problems, had limited impact on the market with investors taking a wait-and-see stance.

Elsewhere, Hong Kong's Hang Seng fell 147.22 points, or 0.7 percent, to 22,269.451, and South Korea's Kospi lost 1.3 percent to 1,683.45.

In mainland China, Shanghai's market slid 1.9 percent to close at 3,192.78 amid reports the government might set lower lending targets that could mean less money flowing through the economy and supporting growth and asset prices.

Australia's index lost 0.5 percent, India's benchmark dropped 0.7 percent and Taiwan's market was off 1.1 percent.

Overnight in the U.S., the Dow Jones industrial average rose 1.66, or less than 0.1 percent, to 10,573.68. The broader S&P 500 index rose 0.62, or 0.1 percent, to 1,137.14, its highest close since Oct. 1, 2008. The Nasdaq composite index fell 7.62, or 0.3 percent, to 2,301.09.

Oil prices fell in Asia as investors worried a 20 percent rally in the last few weeks isn't justified by sluggish U.S. crude demand. Benchmark crude for February delivery was down 46 cents to $82.72 a barrel. On Wednesday, the contract rose $1.41 to settle at $83.18, a 15-month high.

The dollar strengthened to 92.66 yen from 92.31 yen. The euro was lower at $1.4365 from $1.4406.


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* Last sentence...wondering if the new finance chief for Japan ( Kan ) had a impact on the world markets.
Believe these traders are giving the start of 2010 a rocky start,which backs voiceup's thread posted earlier this week.
Getting back to Kan...
Kan is shaking things up in the competing the yen against dollar. *

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