Men stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, March 28, 2017. Asian stock markets rose Tuesday after Wall Street sank on worries the Trump administration might not do as much for businesses as once thought. (AP Photo/Eugene Hoshiko)

Global markets mostly higher after Wall Street sinks

March 28, 2017 - 4:30 am

BEIJING (AP) — Global stock markets rose Tuesday after Wall Street sank on worries that the Trump administration might not do as much for businesses as once thought.

KEEPING SCORE: In early trading, Germany's DAX gained 0.6 percent to 12,063.24 and London's FTSE 100 advanced 0.3 percent to 7,313.16. France's CAC-40 rose 0.1 percent to 5,023.59. On Monday, the DAX and FTSE 100 both dropped 0.9 percent while the CAC-40 lost 0.4 percent. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor's 500 index advanced 0.2 percent.

ASIA'S DAY: Tokyo's Nikkei 225 gained 1.1 percent to 19,202.87 and Sydney's S&P ASX 200 advanced 1.3 percent to 5,821.20. Hong Kong's Hang Seng added 0.5 percent to 24,314.98 while the Shanghai Composite Index shed 0.4 percent to 3,252.95. Seoul's Kospi rose 0.3 percent to 2,163.31 and India's Sensex gained 0.6 percent to 29,401.84. Benchmarks in New Zealand, Singapore and Bangkok rose, while Taiwan and Malaysia declined.

WALL STREET: Worries that Washington may not be able to help businesses as much as once thought knocked stock indexes down hard early Monday, but they clawed back most of their losses and ended the day mixed. The S&P lost 0.1 percent to 2,341.59 for its seventh drop in the last eight sessions. The Dow sank 0.2 percent, to 20,550.98.

TRUMP SLUMP: Last week's failure by Republicans to repeal the Affordable Care Act, which they have pledged to do for years, raised doubts that Washington can push through other promised changes to help businesses. Investors have been anticipating that President Donald Trump and the Republican-led Congress will cut taxes, loosen regulations for companies and institute other corporate-friendly policies.

ANALYST'S TAKE: "Markets appear reluctant to take the Trump disappointment too much further at this stage," Ric Spooner of CMC Markets said in a report. "With U.S. economic growth showing signs of improvement and the Fed clearly embarked on a monetary tightening cycle, the significant correction that has already occurred in bonds and the U.S. dollar may already reflect an adequate wind back of the market's Trump exuberance."

AIRLINE TIE-UP: American Airlines agreed to pay $200 million for a stake in China Southern Airlines, the biggest of China's three major state-owned carriers, to gain better access to the country's growing travel spending. China Southern said the two airlines will expand commercial cooperation, possibly in sales, airport facilities and code-sharing.

KOREAN GDP: South Korea's central bank raised its estimate of economic growth in the final quarter of 2016 by 0.1 percentage point to 0.5 percent over the previous quarter. The Bank of Korea cited stronger investment and trade than advance figures indicated. The bank revised up full-year 2016 economic growth by 0.1 percent to 2.8 percent.

OIL SINKS: Oil prices have sagged below $50 — a boon to importers but a blow to developing countries that rely on crude sales to pay for imports. Benchmark U.S. crude could fall to $40 per barrel before tight oil producers cut back and supply stops increasing, Carl B. Weinberg of High-Frequency Economics said in a report. "Oil-producing emerging economies will earn less foreign currency," said Weinberg. "This will impair their ability to import: World trade will resume its persistent decline."

ENERGY: Benchmark U.S. crude gained 31 cents to $48.04 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 24 cents on Monday to $47.73. Brent crude, used to price international oils, rose 22 cents to $51.12 in London. It lost 2 cents the previous session.

CURRENCY: The dollar gained to 110.68 yen from Monday's 110.65. The euro edged down to $1.0859 from $1.0864.

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