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Asian stocks shrug off US falls Global markets shrug off US falls
(40 minutes later)
Asian shares were mixed in Monday trading, as Far Eastern investor sentiment appeared to shrug off recent sharp falls on Wall Street. Asian and European shares were mixed in Monday trading, as investors appeared to have shrugged off the recent sharp falls on Wall Street.
While Japan's main Nikkei 225 index was down 0.35% in afternoon trading, China's Shanghai Composite was up 0.9%, and Australia's S&P/ASX 20 added 0.24%. While London's FTSE 100 lost 18 points to 6,196 in early exchanges, Germany's Dax was barely changed at 7,468.
Analysts said the falls in Japan were limited by a number of upbeat trading results from firms including Fujifilm. 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 and help the Asian economies." "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 main Dow Jones index fell 1.5% on Friday, bringing its week-long fall to 4.2%, the largest weekly percentage drop since March 2003. 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 over a possible impending credit crunch, on the back of higher interest rates. 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.