Stocks Still in Funk

Asian stocks largely declined Wednesday after weak U.S. data refueled worries about the strength of the global economic recovery. Technology shares dropped, unimpressed by Samsung Electronics' forecast of a record operating profit.
"It's the same story from before; the market can't free itself from recent worries about slowing growth in the U.S. and China," said Samsung Securities analyst Oh Hyun-seok in Seoul. "The U.S. market's weakness toward the end of (Tuesday's session) is also negatively affecting sentiment."

and from WSJ:
LONDON—European stocks fell Wednesday, taking their cue from a weak Asian session as fears about global growth continued to dent sentiment.
"Disappointing data and also the uncertainties around what will be [or not be] disclosed around the stress tests seems to have kept risk takers on the back foot," Deutsche Bank said in a strategy note.
The pan-European Stoxx Europe 600 Index was down 1% at 240.35. London's FTSE 100 Index fell 1% to 4914.67, Frankfurt's DAX slipped 0.7% to 5897.67, and Paris's CAC-40 Index traded 1.1% lower at 3387.29.
Traders said another round of disappointing U.S. data in the form of Tuesday's Institute for Supply Management nonmanufacturing figures has reignited fears that the U.S. economy is losing steam, adding to worries about the global recovery. "Concerns over the growth outlook for the U.S. have resurfaced and are unsurprising in light of the slew of weaker-than-expected data points of late," said Goodbody Stockbrokers. "By all accounts, activity is entering the third quarter on a weaker footing."
In Asia, shares ended mostly lower in choppy trade Wednesday following the disappointing ISM data. Japan's Nikkei Stock Average, Australia's S&P/ASX 200 and South Korea's Kospi Composite all ended down 0.6%, while Hong Kong's Hang Seng Index lost 1.1%.
In Europe, banking stocks were among the worst performers, with Crédit Agricole down 1.9% and BNP Paribas slipping 1.3%. The sector was in focus as EU regulators prepared to outline how bank stress tests are being conducted in an attempt to revive confidence in the sector and allay fears of political meddling. The results of the stress tests are due on July 23.