World markets mixed after Fed's historic rate cut - KWWL - Eastern Iowa Breaking News, Weather, Closings

World markets mixed after Fed's historic rate cut

HONG KONG (AP) -- Global markets are mixed after the U.S. Federal Reserve slashed its key interest rate to historic lows.

Asian stocks climbed modestly but European shares fell in early trading.

Investor enthusiasm was tempered by a mix of lingering worries about the U.S. economy and a weakening dollar that threatens to add to the woes of Asia's exporters.

Also weighing on markets was a steep drop in U.S. stock futures, suggesting Tuesday's rally on Wall Street would quickly fizzle.

Overnight, the Dow Jones industrials surged more than 4 percent after the Fed cut its target rate for overnight loans between banks to a range of zero to 0.25 percent. The Fed also pledged to use "all available tools" to heal the U.S. economy.

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