Asian equities, however, enjoyed a much-needed bounce Tuesday, with Tokyo hitting a three-decade high after a rally on Wall Street on Monday

US and European stocks markets mostly pulled back Tuesday as a rebound at the start of the week lost steam amid investor concerns about the growth outlook.

Asian equities, however, enjoyed a much-needed bounce Tuesday, with Tokyo hitting a three-decade high after a rally on Wall Street on Monday.

But US stocks could not keep the momentum going, with sentiment dampened after a lacklustre forecast by the World Bank, which projected global growth would slow to 2.4% in 2024 from the estimated 2.6% last year, due in part to weaker activity in the US and China.

Meanwhile, US trade data from November showed declines in both imports and exports, a trend that “fits with a weakening global economic environment,” said Briefing.com analyst Patrick O’Hare.

Eurozone stock markets slipped as news of a shock reduction in German industrial output raised concerns over the health of Europe’s top economy.

Having ended 2023 very much on the up there seems to be little in the way of enthusiasm to drive markets up in the short term, with trading activity lower and a relatively negative bias so far year to date, said CMC Markets analyst Michael Hewson.

Crude futures bounced back, one day after plunging after a sharp price cut by Saudi Aramco – which fuelled concerns that supply was outpacing demand.

Asian indices rose Tuesday, with Tokyo reaching its highest level since 1990 as traders pointed to the positive effects from Wall Street’s recent surge.

“Buying dominated a wide range of stocks in Tokyo as a string of economic indicators, including the jobs report, raised expectations of a soft landing for the US economy and high-tech shares gained” in New York, Iwai Cosmo Securities said.