Asian shares mostly up, recovering from early morning losses

MANILA, Philippines (AP) - Asian shares mostly inched up Wednesday, recovering from early morning losses after U.S. stocks fell for the second day as the head of the International Monetary Fund sounded downbeat on the outlook for the world economy.

KEEPING SCORE: Japan's Nikkei 225 rose 0.2 percent at 15,767.29. Hong Kong's Hang Seng index was up 0.3 percent at 20,235.29. Australia's S&P ASX 200 was 0.4 percent higher at 4,944.30. China's Shanghai Composite fell 0.2 percent to 3,046.79. South Korea's KOSPI rose 0.4 percent to 1,970.37. Taiwan's benchmark TAIEX index fell 1.6 percent to 8,525.15. Southeast Asian Markets were mixed.

ANALYST VIEWPOINT: "U.S. stocks set a weak lead for this morning's opening," said Ric Spooner, chief market analyst at CMC Markets in Australia. "With the U.S. profit-reporting season about to begin, higher valuations have made markets more vulnerable to profit taking."

WALL STREET: U.S. stocks fell for a second day on Tuesday, as the head of the International Monetary Fund sounded downbeat on the outlook for the world economy. The Dow Jones industrial average fell 133.68 points, or 0.8 percent, to 17,603.32. The Standard & Poor's 500 index lost 20.96 points, or 1 percent, to 2,045.17 and the Nasdaq composite fell 47.86 points, or 1 percent, to 4,843.93.

ENERGY: Benchmark U.S. crude was up 99 cents at $36.87 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose 62 cents to $38.49 per barrel.

CURRENCIES: The U.S. dollar rose against the yen to 110.56 from 110.31 yen in the previous trading day. The euro was nearly flat at $1.4158 from $1.4163.