Global stock markets fall amid recovery fears

[Coventina]

Source: Associated Press

HONG KONG — World stock markets extended their losses Wednesday as Japan's much weaker-than-expected economic growth and rising debt loads around the world added to concerns the global recovery was faltering.

Asian markets fell 1 percent or more and European shares were lower as global stocks headed for a second day of losses. The dollar, up strongly the last couple days, slumped against major currencies like the yen and the euro, while oil prices rose.

Investors in Asia were rattled after Japan reported its economy, the world's second biggest, grew far less than originally expected in the third quarter, at an annualized 1.3 percent instead of 4.8 percent, as cautious companies slashed spending.

The big cut to the growth figure came after a torrent of negative news about governments and companies that reinforced fears the world economy's turnaround wasn't sustainable.



Read more: http://www.google.com/hostednews/ap/article/ALeqM5h3kgMAkbLwyfxBdjzw8Pc4KZ7DhQD9CFNAFG2

[orwell]

1. Japan comes up with a bad growth number...

...and the yen rallies?