The bank cut its forecast for global economic growth this year to 2.8 percent from the 3.2 percent it forecast in January.
The downgrade dampened enthusiasm among traders who had hoped stronger growth would fuel demand for Asian goods. But losses were contained by recent data such as solid U.S. hiring and stronger Chinese exports that suggest prospects for growth aren't entirely pessimistic.
"Last week's monetary policy decision by the ECB to cut rates should also set the eurozone on course for recovery and help developing countries as a market for their exports," Hwang said in a market commentary. "That will be a further boost for
A run of record highs in the U.S. stock market came to an end Tuesday as the Standard & Poor's 500 index lost ground for just the second time this month.
The index slipped 0.48 of point, or 0.02 percent, to close at 1,950.79 on a quiet day for trading. The Dow Jones industrial average rose 2.82 points, or 0.02 percent, to 16,945.92, while the Nasdaq picked up 1.75 points, or 0.04 percent, to 4,338.
Oil prices rose ahead of
In currency trading, the dollar fell to
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