Asian stock markets struggled but European shares advanced today as fears that Italy could become the next domino to fall in Europe’s debt crisis were muted by Greece edging back from the brink.

World stocks mostly rose today as investors put aside worries over Europe's debt crisis to await the outcome of a two-day Federal Reserve meeting which many hope will announce measures to boost US growth.

Asian stocks nosedived today as the first ever downgrade of the US government’s credit rating jolted global financial markets, reinforcing fears that the world economy is weakening.

Asian stock markets rose today following modest gains on Wall Street and amid increased confidence the Dubai debt crisis was unlikely to derail the global recovery.

Asian stocks tumbled today, tracking declines on Wall Street as investors feared more companies could succumb to the global financial crisis that forced the US to bail out troubled insurer American International Group.

Asian markets rebounded strongly today, reversing their gut-wrenching plunge as investors welcomed a hefty, surprise interest rate cut by the US Federal Reserve to shore up the sagging American economy.

Share prices closed the morning off their highs, lacking momentum to push the advance further after the Hang Seng index breached key resistance at 10,000 points, dealers said.

Share prices closed the morning lower on profit-taking following yesterday's gains, with sentiment also weighed down by Standard & Poor's downgrade of Hong Kong's local currency ratings outlook and the ratings on HSBC's Hong Kong units, dealers said.

Share prices closed the morning higher on a technical rebound supported by the overnight bounce on Wall Street, with property stocks extending their gains after the government said it is looking into ways to support the sector, dealers said.

Share prices closed the morning lower in listless trade, with investors waiting for the outcome of the US FOMC meeting tomorrow and the interim results announcement from China Mobile on Wednesday, dealers said.