Asian stock markets floundered Thursday as worries about debt-saddled European countries and disappointing company earnings undermined sentiment. European shares traded modestly higher, AP. The mediocre trade in Asia followed overnight losses in U.S. markets. The euro was up slightly after tanking the day before, while oil prices hovered near $81 a barrel. Investor confidence in the health of the world economy took a hit amid concerns the International Monetary Fund will be called in to bail out Greece from its spiraling debt crisis. News that Portugal's debt was downgraded only added to fears about the massive amounts of public debt afflicting European countries. As stocks opened in Europe, benchmarks in Britain, Germany and France were up by less than 0.2 percent. In Hong Kong, the Hang Seng index slid 230.07 points, or 1.1 percent to 20,778.55, with the broader market hurt after powerhouse Chinese trading firm Li & Fung's results disappointed investors. The company's shares dived over 9 percent. Japan's benchmark Nikkei 225 stock average edged up 13.82, or 0.1 percent, to 10,828.85. Australia's main index was off 0.1 percent while South Korea's Kospi gained 0.4 percent to 1,688.39. Elsewhere, Indian shares rose 0.3 percent. In Tokyo, Nintendo continued its strong run, rising 2 percent. The video game maker books a large portion of its sales in the U.S., and soared Wednesday after saying it would release a 3-D version of its popular handheld gaming system. The mixed showing in Asia followed a retreat in New York overnight, where the Dow fell 52.68, or 0.5 percent, to 10,836.2, a day after closing at its highest level since September 2008. It was the biggest point and percentage drop since Feb. 25. In currencies, the dollar fell to 91.89 yen from 92.23 yen. The euro rose to $1.3338 from $1.3316. Benchmark crude for May delivery rose 19 cents to $80.81 a barrel in electronic trading on the New York Mercantile Exchange.
