Asian Stocks Post Modest Gains

The World Bank cut its forecast of China's 2009 growth to 6.5% from 7.5% because of plunging exports. But World Bank economists expressed confidence in Beijing's ability to keep the world's third-largest economy expanding amid global turmoil.

"We see China as a relative bright spot in a rather gloomy global economic picture," said David Dollar, the bank's country director for China.

As the market closed, Japanese electronics company Toshiba said it was naming a new president in a management reorganization aiming at dealing with Japan's crippling recession. The company's stock rose 0.4%.

In New York Tuesday, the Dow Jones Industrial Average jumped 179 points, or 2.5%, to 7,395.70.The S&P 500 index climbed more than 3%.

U.S. stock index futures were down modestly, pointing to a lower open on Wall Street Wednesday.

Stocks in London, Frankfurt and Paris were trading higher.

Oil prices fell, with benchmark crude for April delivery falling 27 cents to $48.89 a barrel in trading on the New York Mercantile Exchange.

In currencies, the dollar fell to 98.66 yen from 98.79 yen.

AP Business Writer Joe McDonald in Beijing, Associated Press Writer Shino Yuasa in Tokyo and Associated Press researcher Ji Chen in Shanghai contributed to this report.