Wall Street falls, euro weak but modest

NEW YORK, New York Stocks fell in the U.S. and around the world, although losses were mostly modest.

Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, told Reuters on Wednesday that when they look at what earnings estimates are for the rest of 2022 and for 2023, they have not considered a recession in 2023.

There's some adjustment to what earnings estimates will be over the next 12 months and I think that's what's creating a little bit of pressure on the markets. The Nasdaq Composite dropped 56.34 points or 0.51 percent to 10,958. The Standard and Poor's 500 edged down 7.34 points or 0.19 percent to 3,933. The Dow Jones industrials finished flat, going up 1.58 points to 33,597. The U.S. dollar was weakened on foreign exchange markets. The euro fell to 1.0508 around New York on Wednesday. The British pound went up to 1.2207. The Japanese yen was little changed at 136.43. The Swiss franc was up to 0.9401.

Hong Kong's Hang Seng, the biggest loser, fell 626.36 points or 3.22 percent to 18,814. In London, the FTSE 100 fell by 32.20 points or 0.43 percent to 7,489. The German Dax dropped 82.00 points or 0.57 percent to 14,261. The Paris-based CAC 40 lost 27.20 points or 0.41 percent to 6,660. In Australia, the All Ordinaries fell 64.50 points or 0.86 percent to 7,423. In South Korea, the Kospi Composite was off 10.35 points or 0.43 percent at 2,382. New Zealand's S&P NZX 50 let it go by 20.61 points or 0.18 percent to 11,610, according to the S&P NZX 50.