European markets Likely to see further downside; global cues mixed
Wednesday August 20, 2008 00:55:00 EDT

(RTTNews) - The major European index futures are pointing towards a lower opening for the markets on Wednesday. However, global cues are mixed. The U.S. market closed lower for a second day Tuesday on continuing worries about the financial sector, a hefty jump in U.S. wholesale inflation and a drop in new home construction in the U.S. The Asian markets have turned higher on Wednesday after a weak start. Oil prices rose for a second day on Wednesday as a weakening dollar prompted investors to buy commodities.

Oil rebounded Tuesday after the dollar weakened against the euro. October Brent crude futures jumped $1.31 to settle at $113.25 a barrel on the ICE Futures Europe exchange. In the Asian session Wednesday, Brent North Sea crude was up 45 cents at $113.70 a barrel by 10 (continued...)