BUSINESS

Asian, European stocks mostly higher after Wall Street slide

Staff Writer
Columbus CEO

BEIJING (AP) — Stock markets in Asia and Europe were mostly higher Friday after a slide in oil prices drove a Wall Street decline.

KEEPING SCORE: In early trading, Germany's DAX added 0.4 percent to 11,950.11 points and France's CAC-40 rose 0.1 percent to 5,041.82. On Thursday, the DAX lost 0.5 percent and the CAC-40 dropped 0.2 percent. On Wall Street, the future for the Standard & Poor's 500 gained 0.2 percent while the Dow Jones industrial average was flat. The Dow lost 0.6 percent the previous session and the S&P fell 0.5 percent.

ASIA'S DAY: The Shanghai Composite Index gained 1 percent to 3,617.32 points and Tokyo's Nikkei 225 rose 0.4 percent to 19,560.22. Benchmarks in Sydney, New Zealand and Singapore also rose. Hong Kong's Hang Seng shed 0.4 percent to 24,375 and India's Sensex lost 0.3 percent to 28,370.78. Jakarta and Bangkok also fell. Seoul's Kospi was unchanged at 2,037.24.

WALL STREET'S LOSS: U.S. stocks sank on Thursday, led by Chevron, Exxon Mobil and other energy companies, as the price of oil extended its slump.

U.S. ECONOMY: Sentiment was dampened by data Thursday showing that weekly applications for unemployment aid edged up last week. That came after stocks surged Wednesday on news the Federal Reserve was in no hurry to raise ultra-low interest rates that have helped lift stock and bond prices.

THE QUOTE: "The data have looked a lot weaker of late and while the Fed may view it as a 'moderation,' we see it as a return to normality," said DBS Group in a report. "We think overhangs still exist in labor markets, capex markets and household balance sheets that could keep consumption, investment, wages and broader inflation low for another 2-3 years. Fed liftoff date could become a perpetually rolling stone."

ENERGY: Benchmark U.S. crude shed another 30 cents to $45.23 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.12 on Thursday to close at $45.53. Brent crude, used to price international oils, declined 22 cents to $54.21 per barrel in London after tumbling $1.48 on Thursday to $54.43.

CURRENCY: The dollar gained to 120.79 yen from Thursday's 120.76 yen. The euro rose to $1.0683 from the previous day's $1.0668.