This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Global Stocks Mixed; Oil Falls Below $91

BANGKOK -- World markets were mixed Monday as Greece's parliament began debating harsh new austerity measures that must pass for the country get its next batch of emergency financial aid.

Oil prices fell below $91 a barrel. The dollar dipped against the euro but was higher against the yen.

In early European trading, Britain's FTSE 100 was 0.4% higher at 5,717.80, while Germany's DAX rose 0.1% to 7,129.43. France's CAC-40 was 0.3% higher at 3,794.70.

Wall Street was set for a higher opening, with Dow Jones Industrial Average futures 0.2% higher at 11,910 and S&P 500 futures rising 0.3% to 1,267.50.

Earlier, Japan's Nikkei 225 fell 1% to close at 9,578.31, with even export shares failing to get a bounce from the weakening yen, which makes Japanese products cheaper overseas. Toyota (TM), the world's largest auto maker, fell 2.3%. Electronics giant Sony (SNE) lost 2.1%.

South Korea's Kospi lost 1% to 2,070.29 and Hong Kong's Hang Seng fell 0.6% to 22,041.77. Analysts said the overriding worry of the week was whether debt-drenched Greece would enact a slew of harsh austerity measures in order for the country to receive a chunk of its multibillion euro bailout.

If those measures fail to win parliamentary approval, the country would run out of money in mid-July and be at serious risk of defaulting on its debts, a prospect that could unleash financial shocks globally.

Tey Tze Ming, a trader at Saxo Capital Markets in Singapore, said the European debt crisis -- if it blows up and spreads beyond Greece to a major economy like Spain -- would be felt very keenly by Asian economies that are heavily dependent on exporting to Western Europe.

"In the short term, I think stocks in Asia are going to be in for a bit more pain. I think there's a lot more downside," Ming said.

A slump in tech shares on Wall Street on Friday carried over to Asia. South Korea's Hynix Semiconductor, one of the world's leading computer chip makers, was 4.3% down. Japanese chipmaker Elpida Memory slipped 2%, and Taiwan Semiconductor Manufacturing lost 1.2%.

But tumbling oil prices, which translate into lower fuel costs, helped sustain airline shares. Air China rose 5% in Hong Kong.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs