World stocks unsteady on dim growth outlook, China volatile
Source: AP
By KELVIN CHAN
HONG KONG (AP) — World stocks were wobbly Wednesday on uncertainty over the economic outlook while China's markets minimized losses amid speculation Beijing was intervening to support prices.
KEEPING SCORE: European shares zigzagged between gains and losses, with France's CAC 40 down 0.4 percent to 4,523.07. Germany's DAX lost 0.3 percent to 9,980.04. Britain's FTSE slipped 0.5 percent to 6,029.33. U.S. stocks were poised to open higher, with Dow futures rising 0.4 percent to 16,154.00. Broader S&P 500 futures added 0.4 percent to 1,922.90.
CHINA TRADING: The Shanghai market was in focus on Wednesday, the last day of trading ahead of a two-day "patriotic" holiday to celebrate Japan's defeat in World War II. The index opened more than 4 percent lower, turned positive by midday and then ended the day slightly down. The volatile trading led some analysts to suspect Beijing was intervening to prop up share prices heading into the holiday. Other signs that Beijing was stepping in included a China Securities Journal report that said nine brokerages have pledged at least 30 billion ($4.7 billion) more yuan for stock buying, adding to 100 billion yuan put up by 50 brokerages on the weekend.
QUOTE-WORTHY: "The 'National Team' are out in force today in the Chinese markets," said Angus Nicholson, of IG Markets, referring to state-owned agencies that have been used to support the market. The government "has been busying itself in the stock markets, scaring off any bearish sentiment."
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Read more: http://bigstory.ap.org/article/fe5ca7e6c3514638b707722232f38de4/asian-stock-markets-fluctuate-signs-china-support
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