China falls again but other Asian stocks, Europe higher

Source: AP

By JOE McDONALD

BEIJING (AP) — Chinese stocks fell again Thursday while other major global markets rose after the U.S. Federal Reserve left interest rates unchanged at a record low.

KEEPING SCORE: In early trading, Germany's DAX gained 0.2 percent to 11,229.04 points and France's CAC-40 was up 0.2 percent at 5,029.86. Britain's FTSE 100 gained 0.4 percent to 6,655.83. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor's 500 both were off 0.1 percent. On Wednesday, the Dow and the S&P both rose 0.7 percent and the Nasdaq composite gained 0.4 percent.

CHINA'S GYRATIONS: The Shanghai benchmark suffered its biggest one-day drop in eight years on Monday when it plunged 8.5 percent despite government intervention to stem a slide in stock prices. The index fell further before rebounding 3.5 percent on Wednesday and then slipping again Thursday. Analysts say the volatility is a sign economic fundamentals cannot support stock prices at their current level. Other say even if the intervention restores confidence, markets are likely to face turbulence in coming weeks before prices settle down.

ASIA'S DAY: The Shanghai Composite Index fell 2.2 percent to 3,705.77 for its third losing day this week. Hong Kong's Hang Seng lost 0.5 percent to 24,497.98. Tokyo's Nikkei 225 advanced 1.1 percent to 20,525.80 and Australia's S&P/ASX 200 rose 0.8 percent to 5,669.50. Seoul's Kospi shed 0.9 percent to 2,019.03. Benchmarks in India, Taiwan and the Philippines rose.

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