• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money
Moneycontrol

Home » News » Markets » Asian markets

Jan 13, 2017, 09.07 AM | Source: Reuters

Asian shares wobble, dollar on track for losing week

Japan's Nikkei stock index rose 0.4 percent, on track to shed 1.2 percent for the week.

Like this story, share it with millions of investors on M3

Asian shares wobble, dollar on track for losing week

Japan's Nikkei stock index rose 0.4 percent, on track to shed 1.2 percent for the week.

Post Your Comments

Share Cancel

Asian shares wobble, dollar on track for losing week
Asian shares dipped on Friday but remained on track for weekly gains while the dollar was poised for a losing week, as investors weighed whether President-elect Donald Trump would stress growth-boosting steps when he takes office.

On Wall Street, major indexes finished lower a day after Trump failed to elaborate on his economic stimulus plans in his first news conference since his Nov. 8 election victory.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, after rising to its highest levels since late October in the previous session. It was up 1.8 percent for the week.

Japan's Nikkei stock index rose 0.4 percent, on track to shed 1.2 percent for the week.

Many investors remained hopeful that markets will get a lift from a wave of financial deregulation that could follow Trump's inauguration, including a rollback of some of the Dodd-Frank financial reform that Congress enacted after the financial crisis and bank bailouts.

"Market weakness at the end of the week may continue, but anticipation of a Dodd-Frank repeal possibility spurs an optimistic outlook," said Hiroki Allen, chief representative of Superfund Japan in Tokyo.

But this week's stronger yen also dented demand for Japanese shares. The dollar edged up 0.1 percent to 114.86 yen after skidding as low as 113.75 on Thursday, its lowest since December 8. It was on track to shed 1.8 percent for the week.

The dollar wallowed around five week lows against a currency basket, even as the dollar index edged up 0.2 percent to 101.52. It was down 0.7 percent for the week.

The dollar index scaled 14-year peaks this month, on speculation that Trump's policies would spur growth and inflation, and prompt the Federal Reserve to raise interest rates at a faster pace than previously expected.

The euro was steady at USD 1.0612, well above last week's 14-year low of USD 1.0340 and poised to gain 0.7 percent for the week.

Crude oil prices extended gains, bolstered by the weaker dollar as well as news that Saudi Arabia has cut oil output to its lowest in almost two years and plans further reductions.

Brent crude was trading 1.8 percent at USD 56.11 a barrel, while US crude was up slightly at USD 53.03.

Spot gold was nearly flat at USD 1,194.90 an ounce, after it surged to seven-week highs above USD 1,200.

Buy, Hold, Sell ? Hear it first on M3
Asian shares wobble, dollar on track for losing week

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login