World Bulletin / News Desk
The dollar dipped on Thursday in Asia as investors brushed off another record Wall Street close and upbeat US data while the rally in stock markets stuttered.
New York's three main indexes built on their recent surge, racking up a fifth successive day of record closes, after figures showed US inflation hit a four-year high in January, fuelling bets on an interest rate hike soon.
Also, Trump said Wednesday he would release specifics on his new tax plan in the "not-too-distant future", adding it will be "good and simpler".
His remarks came less than a week after he promised "phenomenal" reforms to the tax system, spurring a surge in global markets and the dollar.
“The strong numbers highlight that the US economy is in fairly healthy shape,” Greg McKenna, chief market strategist at CFD and FX provider AxiTrader, said in a note.
“The key is the data and president Trump’s recommitment to the release of the tax plan everyone is waiting for,” McKenna said.
Federal Reserve chief Janet Yellen also reiterated her view to Congress that the world's top economy was on a strong growth track, a day after indicating borrowing costs could increase any time soon -- leading to speculation of a move as soon as March.
However, the greenback was unable to push on with its gains and was down against its major peers as well as higher-yielding currencies in the Asia-Pacific such as the Australian dollar and South Korea's won.
In equity trade Tokyo ended 0.5 percent lower as exporters were hit by the stronger yen while Seoul slipped 0.1 percent, Wellington gave up 1.1 percent and Taipei slipped 0.3 percent. Mumbai and Jakarta were also down.
But in late trade Hong Kong was up 0.5 percent in late trade and Shanghai also ended 0.5 percent higher, both reversing morning losses.
Ayako Sera, a Tokyo-based market strategist at Sumitomo Mitsui Trust Bank, told Bloomberg News warned of a possible correction after the past week's performance.
“Can equities sustain this rally from here?” Sera asked. “If the decline today in Japanese shares spill over to European shares and then to New York, things could get serious but we’ll have to see.”
- Key figures around 0700 GMT -
Tokyo - Nikkei 225: DOWN 0.5 percent at 19,347.53 (close)
Hong Kong - Hang Seng: UP 0.5 percent at 24,110.28
Shanghai - Composite: UP 0.5 percent at 3,229.62 (close)
Euro/dollar: UP at $1.0616 from $1.0602
Pound/dollar: UP at $1.2468 from $1.2459
Dollar/yen: DOWN at 113.90 yen from 114.18 yen
Oil - West Texas Intermediate: DOWN three cents at $53.08 per barrel
Oil - Brent North Sea: UP two cents at $55.77
New York - Dow: UP 0.5 percent at 20,611.86 (close)
London - FTSE 100: UP 0.5 percent at 7,302.41 (close)
Listed shares in BIST 100 rise 0.01 percent; US dollar/Turkish lira rate climbs over 3.90; EUR/TRY stands at 4.80
Turkey bridges Muslim world and West, according to General Council for Islamic Banks and Financial Institutions
Britain intends to seek free trade deals with its major trading partners once it leaves the EU, as planned, in March 2019.
Net profits at the group rose 33.1 percent to hit 2.36 billion euros ($2.92 billion), higher than the 2.28 billion predicted by analysts.
About 45 minutes into trading, the Dow Jones Industrial Average was at 24,867.00, up 0.4 percent.
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"Preliminary national accounts results for 2017 show an increase of 7.8 percent in GDP... compared with 2016," Jennifer Banim, an assistant director general at the Central Statistics Office (CSO), said in a statement.
Unemployment rate falls 2.3 percentage points year-on-year in December to 10.4 pct
"It is time to forget about ideological trench warfare," Francois Villeroy de Galhau told a Frankfurt conference.
In January, euro area and EU28's industrial production drops in January compared to previous month, Eurostat says
In a statement, Siemens said it had signed an accord with APEX, Brazil's Trade and Investment Promotion Agency, committing to a string of projects to "unleash a new cycle of sustainable growth" in the country of 207 million people.
The US supply increase is expected to come as the Organization for Petroleum Exporting Countries, dominated by oil giant Saudi Arabia, works with Russia to slash output after prices for crude plummeted to around $30 per barrel in 2016 from over $100 two years earlier.
Emerging trends, challenges and business opportunities in Islamic finance industry will be discussed during 2-day event
BIST 100 rises 0.05 percent, US dollar/Turkish lira exchange rate stays put, euro/lira exchange rate goes up
Turkey and Sudan can build joint industrial zones, says Turkish technology minister