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Asian markets gloomy over global recovery (11:58 a.m.)

Sunnexdesk

TOKYO -- Asian stock markets were mixed Tuesday on growing worries the global economic recovery is running out of momentum.

Weaker data from major economies over the past few weeks has diminished confidence in a strong rebound from last year's global recession and unnerved markets, many of which are in the red so far this year.

A report showing weaker growth in Europe's services and manufacturing sectors added to the unease.

Japan's benchmark Nikkei 225 stock index was down 0.9 percent at 9,181.78. The index fell nearly 2 percent at one point to a seven-year intraday low.

South Korea's Kospi declined 0.8 percent to 1,661.79 and markets in Singapore, Indonesia, Malaysia and New Zealand also fell.

In the green was Hong Kong's Heng Seng, which added less than 0.1 percent to 19,849.90 and the Shanghai Composite Index, up 1.5 percent at 2,398.88. Benchmarks in Taiwan, Thailand and India gained as well.

In Tokyo trade, exporters came under selling pressure from a stronger yen, which reduces the value of their overseas profits. Nintendo Co. shed 1.9 percent and Sony Corp. lost 1.5 percent.

In currencies, the dollar fell to 87.61 yen from 87.75 yen late Monday. The euro weakened to $1.2532 from $1.2537.

Benchmark crude for August delivery was down 53 cents at $71.61 a barrel in electronic trading on the New York Mercantile Exchange. (AP)

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