Global data effect on World market
World stock markets were on firmer footing as a sign China's manufacturing is beginning to recover provided respite from Europe's deepening debt turmoil. Global markets slid the day before as Spain's borrowing costs soared, raising the risk that it will require a financial bailout that Europe probably can't afford. Moody's lowering of its outlook for Germany's credit rating to negative from stable dented faith in Europe's strongest economy and added to pressure on markets. Better data on China's manufacturing helped markets find a floor, particularly in Asia, though gains were muted and Japan's benchmark lost ground amid strength in the yen, which hurts its powerhouse exporters. The bank's Purchasing Managers' Index which combines various measures of manufacturing activity rose to 49.5 from 48.2. Readings above 50 denote growth. The individual gauge of factory output showed an expansion in production. The survey suggests Beijing's attempts to stimulate the world's second-biggest economy are starting to work. Japan's Nikkei 225 stock average closed down 0.2 percent at 8,488.09 while South Korea's Kospi added 0.3 percent to 1,793.93. Hong Kong's Hang Seng fell 0.8 percent to 18,903.20. The market's opening was delayed until early afternoon as a typhoon brought strong winds and heavy rain to the city, shutting down offices and bringing business to a standstill. Australia's S&P/ASX 200 gained 0.1 percent to 4,133.20. China's Shanghai Composite climbed 0.2 percent to 2,146.59. Benchmarks in Singapore, Philippines and Thailand also rose.