Stock markets calmer as investors await bailout news

Stock markets were relatively calm Wednesday as investors waited to see what would happen to the Bush administration's $700-billion US bailout package aimed at stabilizing the financial system.

Toronto's TSX composite index closed down 19 points to 12,513. In New York, the Dow Jones lost 29 points while the Nasdaq edged up two points.

European markets closed slightly lower, with Britain's FTSE 100 index down 0.79 per cent, Germany's Dax down 0.26 per cent and France's CAC 40 off 0.61 per cent.

Asian markets edged slightly higher, with Japan's Nikkei 225 index closing up 0.2 per cent and Hong Kong's Hang Seng index up 0.28 per cent.

Oil prices ended a choppy session lower, falling below $106 US a barrel as weak U.S. fuel demand and a stronger U.S. dollar outweighed concerns over a reduction in global crude output.

Light sweet crude oil for November delivery fell 88 cents to settle at $105.73 a barrel on the New York Mercantile Exchange after rising as high as $109.50. On Tuesday, the contract fell $2.76 to settle at $106.61.

Weekly U.S. inventory data showed crude stocks fell unexpectedly last week by 1.5 million barrels to 290.2 million barrels. Analysts had expected oil stocks to rise by 1.6 million.