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Global markets shrug off US falls | |
(40 minutes later) | |
Asian and European shares were mixed in Monday trading, as investors appeared to have shrugged off the recent sharp falls on Wall Street. | |
While London's FTSE 100 lost 18 points to 6,196 in early exchanges, Germany's Dax was barely changed at 7,468. | |
Earlier, Japan's Nikkei 225 index had closed up 5.5 points at 17,289 and Hong Kong's Hang Seng added 88 points to finish at 22,658. | |
A major factor in US share declines has been the ongoing housing market slump. | A major factor in US share declines has been the ongoing housing market slump. |
'World economy growing' | 'World economy growing' |
"Traders will certainly still be watching what happens on Wall Street this week," said David Cohen, director of Asian forecasting at Action Economics in Singapore. | "Traders will certainly still be watching what happens on Wall Street this week," said David Cohen, director of Asian forecasting at Action Economics in Singapore. |
"But the sense is that as long as it doesn't trigger a more serious economic slowdown in the US, the world economy should be able to keep growing." | |
Wall Street's Dow Jones Industrial Average fell 1.5% on Friday, bringing its fall for the week to 4.2%, the largest weekly percentage drop since March 2003. | |
Along with the problems in the US housing market, another concern for investors is the worry about a possible credit crunch on the back of higher interest rates. |