Global stocks mostly steady as Obama takes White House

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LONDON, Nov 05 (Reuters): Global stock markets, which have surged more than 20 percent in just over a week, clung to those gains on Wednesday as investors assessed the economic problems facing U.S. president-elect Barack Obama and the international fallout of a new administration.
The regional split was stark, however. European stocks fell for the first time in seven days while Asia's bourses and worldwide emerging markets clocked up gains of more than one percent to three-week highs.
Wall St futures pointed to a lower open after Tuesday's strong gains. The U.S. dollar did the reverse, recovering some of the previous session's heavy losses.
The results saw investors take stock of the new political and economic landscape after a week in which global markets have recovered sharply from credit-related shocks of October as money market strains and extreme volatility eased.
"We've had a long up move but we're not out of the woods and the economic environment continues to deteriorate," said Jeremy Batstone-Carr, private client research head at Charles Stanley.
The overall tone of global markets remained one of stabilisation. But with the U.S. election results now largely known, analysts said several influences were back in play.
These included gloomy economic data such as Friday's upcoming U.S. employment report, the prospect of deep interest rate cuts in the euro zone and Britain on Thursday, Germany's plans for a 50 billion euro economic stimulus and heavy U.S. borrowing plans on Wednesday, and ongoing easing of interbank lending rates.
"Obama's honeymoon period will be short-lived faced with the worst economic crisis for several decades and with the fiscal situation having already deteriorated sharply," Calyon analysts said in a note to clients, warning that the size of any new U.S. fiscal stimulus and its ease of passage was now a focus.