Global stocks lackluster after tech tumble

Global stocks lackluster after tech tumble; Japan declines on lack of additional stimulus

Associated Press
Asian stocks gain but Japan down on yen strength
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A man walks by an electronic stock price indicator showing the regional heavyweight, Tokyo's Nikkei 225, that shed 201.97 points, or 1.36 percent and closed at 14,606.88, in Tokyo Tuesday, April 8, 2014. Asian stock markets were mixed Tuesday after Japan's central bank refrained from expanding its stimulus and declines in tech stocks weighed on prices. (AP Photo/Eugene Hoshiko)

BEIJING (AP) -- Global stocks were mostly lackluster Tuesday after Japan's central bank refrained from expanding its stimulus and declines in tech stocks weighed on sentiment.

The tone for trading in world markets has been largely set by Wall Street since Friday as investors push down the valuations of technology and Internet stocks whose valuations had reached frothy levels. The Bank of Japan's decision to keep its monetary stimulus at previous levels added to a downbeat mood.

"The growing roar of the bears was easy to see," said market strategist Evan Lucas of IG in a report. "The pullback in the U.S. high-growth spaces of technology, consumer discretionary and social media is completely understandable."

In Europe, Germany's DAX was little changed at 9,508.38 and France's CAC 40 flickered in and out of the red, hovering near 4,434. Britain's FTSE 100 dropped 0.3 percent to 6,603.90.

After two days of losses on Wall Street, futures augured a slight bounce back. Dow futures rose 0.1 percent to 16,196 and S&P 500 futures added 0.2 percent to 1,840.90.

Asia's heavyweight, Tokyo's Nikkei 225, tumbled 1.4 percent to 14,606.88 after Japan's central bank refrained from expanding its ultra-loose monetary policy. That was despite a sales tax hike from 5 percent to 8 percent that markets worry might stall growth in consumer spending.

China's Shanghai Composite Index added 1.9 percent to 2,098.28 and Hong Kong's Hang Seng gained 1 percent to 22,596.97. Seoul's Kospi added 0.2 percent to 1,993.03.

Markets in Southeast Asia were mostly lower. Sydney's S&P/ASX 200 was off 0.1 percent at 5,410.60 and New Zealand shed 0.9 percent to 5,365.99.

Investors were looking ahead to the release of minutes Wednesday from the U.S. Federal Reserve's policy setting committee.

In currency markets, the euro rose to $1.3767 from $1.3744 late Monday. The dollar fell to 102.63 yen from 103.09 yen late Monday.

Benchmark U.S. crude for May delivery was up 81 cents to $101.25 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the contract tumbled 70 cents to close at $100.44 on reports four Libyan oil terminals under militia control could soon open and possibly boost global supplies.

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