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Global stock markets fell on Friday as leaders of the world’s 20 largest economies met in the United States to find ways to foster an economic recovery.

European shares were modestly lower after Asian markets closed down, while the dollar fell against major currencies and oil prices gained slightly after a two-day plunge.

Asia’s decline followed a fall on Wall Street, where investors pulled out of stocks amid fears about the sustainability of this year’s rally and news of an unexpected drop in sales of existing homes in August.

Investors are also nervous governments will prematurely unwind emergency measures that have pumped money into financial markets since the crisis erupted last year.

This week, the US Federal Reserve announced it would slow its purchases of mortgage-backed securities, while the European Central Bank said it would curtail certain types of dollar-denominated loans.

Leaders from the Group of 20 nations, meanwhile, met for a two-day meeting to bring about a sustainable turnaround. US President Obama and British Prime Minister Gordon Brown said nations should not move too quickly to end low interest rates and stimulus spending.

“Gains across asset classes so far this year, to levels not justified by fundamentals, have been a direct result of cheap and easily available funding,” said Dariusz Kowalczyk, investment strategist for SJS Markets in Hong Kong.

Britain’s FTSE was up 0.1 percent, Germany’s DAX fell 0.4 percent and France’s CAC-40 was down 0.2 percent.

Japan’s Nikkei 225 index shed 2.6 percent to 10,265.98, after brokerage firm Nomura revealed its biggest share sale ever.

Hong Kong’s Hang Seng lost 0.1 percent to 21,024.40 and the Shanghai index fell 0.5 percent. South Korea’s Kospi shed 0.1 percent, India’s Sensex fell 0.1 percent and Indonesia’s index lost 1.0 percent. Taiwan and Australia were up 0.3 percent.

Oil prices clawed back some losses in Asia, with benchmark crude for November delivery up 33 cents at $66.22. The dollar fell to 90.53 yen from 91.26 yen. The euro gained to $1.4688 from $1.4661.

AP