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Stocks mixed on US economy fears Stocks mixed on US economy fears
(about 3 hours later)
European stocks have reversed early falls to move ahead in late morning trading, as turbulence returned to the markets after fresh US economy fears. European stocks were volatile in Tuesday trading, as turbulence returned to the markets on new US economy fears.
The UK's FTSE 100 index was up 14 points or 0.3% to 5,882 by 1130GMT, after previously falling by the same amount. Germany's Dax was up 0.4%. By afternoon trading, the UK's FTSE 100 was down eight points or 0.1% to 5,860, while Germany's Dax and France's Cac were both ahead by 0.8%.
Japan's main Nikkei 225 index had earlier finished 4.7% lower. Japan's main Nikkei 225 index had earlier finished 4.7% lower, while Hong Kong's Hang Seng lost 5.4%.
Shares on Wall Street had closed down overnight after figures showed contraction in the US service sector.Shares on Wall Street had closed down overnight after figures showed contraction in the US service sector.
America's main Dow Jones index ended Tuesday trading down 3%.America's main Dow Jones index ended Tuesday trading down 3%.
Both the Nasdaq and S&P 500 indexes also lost 3%.Both the Nasdaq and S&P 500 indexes also lost 3%.
Hong Kong's Hang Seng index ended Wednesday trading down 5.4% , while India's BSE lost 3.2%.
'Bear market''Bear market'
"It's unbridled pessimism," said Francis Lun, general manager at Fulbright Securities in Hong Kong."It's unbridled pessimism," said Francis Lun, general manager at Fulbright Securities in Hong Kong.
There's a real probability that both the US and Europe will go into recession at the same time Francis Lun, general manager at Fulbright Securities in Hong KongThere's a real probability that both the US and Europe will go into recession at the same time Francis Lun, general manager at Fulbright Securities in Hong Kong
"Everyone is concentrating on a US recession, but Europe is also looking bad. We are in for a bear market now.""Everyone is concentrating on a US recession, but Europe is also looking bad. We are in for a bear market now."
The weak US service sector data came from the Institute of Supply Management's index of business activity in the non-manufacturing sector.The weak US service sector data came from the Institute of Supply Management's index of business activity in the non-manufacturing sector.
Its January reading came in at 41.9, the first recorded monthly contraction in almost five years.Its January reading came in at 41.9, the first recorded monthly contraction in almost five years.
With any number above 50 indicating growth, economists had forecast a milder decrease to 53 from 54.4 in December.With any number above 50 indicating growth, economists had forecast a milder decrease to 53 from 54.4 in December.
"There's a real probability that both the US and Europe will go into recession at the same time," added Mr Lun."There's a real probability that both the US and Europe will go into recession at the same time," added Mr Lun.
"It's a financial mess on the two continents with the sub-prime crisis and the SocGen debacle.""It's a financial mess on the two continents with the sub-prime crisis and the SocGen debacle."