BANGKOK (AP) – Stock markets drifted Wednesday as the boost from stronger Chinese manufacturing was overcome by Europe’s economic malaise and heightened geopolitical risks after the U.S. and Arab nations attacked the Islamic State group’s headquarters in eastern Syria.
KEEPING SCORE: France’s CAC 40 was little changed at 4,358.30 while Germany’s DAX shed 0.2 percent to 9,576.82. Britain’s FTSE 100 dropped 0.2 percent to 6,665.45. Futures pointed to gains on Wall Street after sliding Tuesday. Dow futures were up 0.2 percent at 16,988 and S&P 500 futures gained 0.2 percent to 1,975.40.
THE QUOTE: “Bulls and bears continue to play a game of cat and mouse, with the bulls looking for a floor in the recent sell-off while the bears consider adding to shorts. With choppy price action being the dominant theme, patience will be key in this environment,” said IG market strategist Stan Shamu. “The losses seen in European and US trade haven’t quite been replicated in Asia today.”
ASIA’S DAY: Japan’s Nikkei 225 stock average shed 0.2 percent to 16,167.45 while Seoul’s Kospi rose 0.3 percent to 2,035.64. Hong Kong’s Hang Seng gained 0.4 percent to 23,921.61. Australia’s S&P/ASX 200 dropped 0.7 percent to 5.375.80. China’s Shanghai Composite jumped 1.5 percent to 2,343.57. Southeast Asia markets mostly rose.
CHINA FACTORIES: China’s manufacturing unexpectedly improved in September, according to a preliminary survey released Tuesday, though there were some mixed messages in the report. New orders and exports increased at a faster rate but employment fell. Overall, the report helped to ease jitters about a deeper slowdown in the world’s No. 2 economy.