Asian Markets are set for a muted start to the trading dayafter Most U.S. stocks advanced, sending the Standard & Poor’s 500 Indexhigher for a third day, as a rally in banks helped the market recover from anearly slump spurred by growing signs Europe may slip into a recession.
The S&P500 rose 0.40 points, or 0.03%, to 1292.48 with financialsleading the gains. The Dow Jones Industrial Average finished 13.02 points lower,or 0.1%, at 12449.50, while the Nasdaq rose 8.26 points or 0.31%.
Equities fell earlier as Germany’s Federal Statistics Officesaid the economy probably shrank in the fourth quarter from the third, and theEuropean Union cut euro-area growth to 0.1% in the third quarter, from 0.2% estimatedearlier. The U.S. economic expansion improved last month across most of thecountry while hiring was limited and housing remained stagnant, the FederalReserve said in its Beige Book.
The euro dipped below $1.27 against the U.S. greenback, fallingto a 16-month low, after ratings agency Fitch urged the ECB to ramp up buyingof euro zone debt to prevent a "cataclysmic" collapse of the euro. Europeanshares also ended lower.
Oil fell as U.S. crude and fuel supplies climbed more thanexpected and concern mounted that a contracting German economy will drag Europeinto recession. Crude oil for February delivery declined $1.37 to settle at$100.87 on the New York Mercantile Exchange.
Gold rose to a one-month high on Wednesday, breaking rankswith the euro and equities, as evidence of strong physical demand from China fuelledfund buying after bullion's recent sell-off. U.S. February gold futures settled up $8.10 at $1,639.60 an ounce
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