World stocks wobble as Wall St readies to open

By REUTERS
August 10, 2011 16:25

 
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LONDON - World shares clawed back some ground on Wednesday as investors took comfort from the Federal Reserve's pledge to keep interest rates near zero for two more years, but losses on Wall Street loomed.

European stocks fell 0.7 percent on renewed concerns about bank exposure to euro zone debt, and as US stock index futures fell.

The turnaround overshadowed a morning of gains in Europe and Asia prompted by the Fed's dovish announcement on Tuesday.

Investors were also lifted earlier by data showing China's export growth accelerating in July, calming fears that weak demand from Europe and the United States would hit the world's second-biggest economy.

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