12-Jan-2012 - World stocks up as confidence in US economy grows (AP)

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BANGKOK – World stock markets stalled Wednesday as worries that Europe's debt crisis was taking hold in its larger economies outweighed signs that the U.S. economy was strengthening. Benchmark oil was steady at 102 per barrel while the dollar rose against the yen and the euro. European shares fell in early trading, as markets struggled to shake off prospects for more bad news out of the eurozone. Fitch Ratings said Tuesday that a number of euro countries, including Italy, could see their credit ratings downgraded by the end of this month as they struggle cheap NFL jerseys to cope with too much debt and slowing economic growth. "Fitch gave notice that it will downgrade Italy this year, serving as a reminder that other ratings agencies also no longer view any EU country's debt rating safe from any negative action," analysts at DBS Bank in Singapore said in a research note Wednesday. Britain's FTSE 100 lost 0.3 percent at 5,681.82. Germany's DAX lost 0.3 percent to 6,144.14 and France's CAC-40 was down slightly at 3,209.97. Wall Street appeared set for a mixed opening, with Dow Jones industrial futures gaining marginally to 12,392 and the broader S&P 500 futures down slightly to 1,285.50. Earlier in the day in Asia, financial markets were mostly higher, supported by expectations that China will tweak its monetary policy to encourage growth, but in a limited way to prevent inflaming its already sizzling property market. Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong, said he believes a move from monetary authorities could come shortly after NFL jerseys china Chinese New Year, which begins Jan. 23 and lasts a week. "I think we're in a little bit of a wait-and-see period. A lot of larger things are waiting in the wings at the moment," he said. Japan's Nikkei 225 index rose 0.3 percent to close at 8,447.88. Hong Kong's Hang Seng index gained 0.8 percent to 19,151.94. Australia's S&P ASX 200 added 0.9 percent to 4,187.50. Benchmarks in Singapore, Taiwan, and India also rose. South Korea's Kospi fell 0.4 percent at 1,845.55. Mainland Chinese shares edged lower as traders booked profits following two days of sharp gains. The benchmark Shanghai Composite Index lost 0.4 percent while the Shenzhen Composite Index was marginally lower at 880.71. Inflation data was expected out of China on Thursday. Commodity prices, which rose on expectations that China's economy will continue to grow this year, helped boost mining and energy shares. Paladin Energy, an Australian uranium miner, jumped 5.4 percent. Energy Resources of Australia rose 2.6 percent. Hong Kong-listed Zijin Mining Group Co., China's largest gold miner, gained 3.7 percent. Prospects for retailers also brightened. Hong Kong-listed clothing chain Esprit Holdings rose 1.5 percent. In Australia, David Jones added 2.1 percent, JB Hi-Fi Ltd. gained 1.1 percent and Woolworths Ltd. rose 0.5 percent. The U.S. economy appears NFL jerseys wholesale to have strengthened in recent weeks. A series of positive reports on hiring, manufacturing and consumer sentiment have eased fears that Europe's unfolding debt crisis will drag the U.S. into another recession. Traders also hope the brighter economic outlook will translate into rich fourth-quarter profits, which companies will announce over the next few weeks. One positive early sign came from aluminum maker Alcoa, which said late Monday that its fourth-quarter revenue far outpaced analysts' projections. Benchmark crude for February delivery was steady at 102.24 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 93 cents to finish at 102.24 per barrel in New York on Tuesday. In currency trading, the euro fell to 1.2774 from 1.2790 late Tuesday in New York. The dollar rose to 76.92 yen from 76.82 yen.

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