Wall Street's Global Flop

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Monday's skyrocketing session on Wall Street failed to give world markets any momentum, reports Money Daily.

In Tuesday's trading, Hong Kong's Hang Seng index shed 474.33 points, or more than 4 percent. This was apparently due to selling in November futures contracts, which were down 720 points from the previous day's close. The Hang Seng had gained 631.33 points on Monday.

In Tokyo, where markets had been closed Monday for a national holiday, the Nikkei 225 index closed up 41.16 points, or 0.3 percent. Analysts said the slight rise was helped by Wall Street's 232.31-point gain, as well as bargain-hunting by fund managers.

As so often happens, share prices in Europe were sandwiched between the Dow's rise and Hong Kong's fall. London's FTSE 100 was off about 0.23 percent, and Germany's blue-chip DAX index was down about 0.7 percent in midday trading.