Asian Stocks Down Despite Wall Street Gains

Asian markets retreated Wednesday, with investors losing their appetite for stocks after a disappointing U.S. services sector report pointed to an anemic recovery in the world’s largest economy.

Oil prices hovered near $72 a barrel as traders prepared to assess weekly crude supply data for signs of recovering U.S. demand. The dollar was little changed against the yen, while the euro fell.

Markets reversed course following bargain-hunting Tuesday that led to slight rallies on Wall Street and elsewhere. Traders remained unable to shake deepening unease about the global economy and scampered to the sidelines, taking profits with them, according to Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong.

“There are not many people buying stocks right now,” Lun said. “I have given up hope on Europe. Europe will be mired in recession because of deficit-cutting.” Lun also called the U.S. economic recovery “anemic” and said softening export orders in China hit market sentiment hard.

Japan’s Nikkei 225 stock average fell 0.9 percent to 9,251.34 as a strong yen kept pressure on exporter shares.

The dollar stayed near 87 yen, which is bad news for major brands like Sony and Nissan. A strong yen reduces the value of their overseas profits and makes Japanese products more expensive abroad.

Sony Corp. shed 2.5 percent, and Nissan Motor Co. retreated 2.8 percent.

Elsewhere, Hong Kong’s Hang Seng index lost 1.2 percent to 19,839.55, and Seoul’s Kospi was down 0.8 percent at 1,671.02. Korean tech giant Samsung Electronics Co. fell 1.2 percent despite forecasting Wednesday that operating profit rose to a record high in the second quarter.

Benchmarks in mainland China, Taiwan, India and Australia also declined, while those in Singapore and Malaysia were higher.

In New York Tuesday, the Dow Jones industrial average rose 0.6 percent to 9,743.62. The index broke a seven-day slide after traders sifted through the market for beaten-down stocks.

The day’s economic news didn’t offer investors much incentive to buy. The Institute for Supply Management, a trade group of purchasing executives, said growth in services businesses slowed last month — falling short of expectations. Its services index fell to 53.8 from 55.4 in May. Economists polled by Thomson Reuters forecast a reading 55.0. Anything above 50 indicates growth.

The broader Standard & Poor’s 500 index added 0.5 percent, to 1,028.06, and the Nasdaq composite index rose 2.09, or 0.1 percent, to 2,093.88.

In currencies, the dollar was trading at 87.44 yen from 87.54 yen late Tuesday. The euro fell to $1.2586 from $1.2625.

Benchmark crude for August delivery was up 3 cents to $72.02 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to settle at $71.98 on Tuesday.

PAMELA SAMPSON, Associated Press Writer BANGKOK