Stock market today: Asian stocks dip on economy worries
Asian shares are trading mostly lower as worries about the health of global economies grew after a tumble on Wall Street, despite some better-than-expected earnings reports. Shares fell Wednesday in Tokyo, Sydney and Seoul, while edging higher in Shanghai and Hong Kong. Oil prices rose. Analysts are pointing to a potential banking crisis as well as geopolitical tensions, troubled U.S.-China relations and inflation trends as squelching investor optimism. Wall Street slumped to its biggest drop in a month. Reports on the U.S. economy were mixed, with consumer confidence falling again. Earnings have so far topped expectations, but the bar was set considerably low.
