Asian shares slip on tech rout, focus shifts to Bank of Japan
By Swati Pandey SYDNEY (Reuters) - Asian share markets weakened on Tuesday, taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan's rate review, at which it could flag a shift away from its massive monetary stimulus. Japan's Nikkei fell 0.5 percent. South Korea's Kospi index dipped 0.1 percent despite solid second-quarter results from Samsung Electronics which posted a 5.7 percent rise in profit
By Swati Pandey
SYDNEY (Reuters) - Asian share markets weakened on Tuesday, taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan's rate review, at which it could flag a shift away from its massive monetary stimulus.
Japan's Nikkei <.N225> fell 0.5 percent. South Korea's Kospi index
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was mostly unchanged at 543.23 as were Australian shares <.AXJO>.
Overnight in Wall Street, the Dow <.DJI> and the S&P 500 <.SPX> each lost 0.6 percent and the Nasdaq <.IXIC> skidded 1.4 percent.
The technology index <.SPLRCT> crumbled 1.8 percent overnight as disappointing results from Facebook
"U.S. equities took another leg lower overnight but sentiment towards risk looks more upbeat across other asset classes," analysts at JP Morgan said in a note.
"The BoJ decision today is the main focus," they added.
Speculation that the BoJ will dial back its easing also saw yields on Japanese Government Bonds tick up overnight. Other government bond yields edged higher too.
Japan's central bank will likely consider taking steps to make its massive stimulus programme more sustainable, such as allowing greater swings in interest rates and widening its stock-buying selection, according to sources..
"We would look to fade the recent yen rally ahead of the BoJ," analysts at NAB said.
"Looking further out, a BoJ that remains very accommodative for an extended period will challenge our expectations for yen to appreciate amid its fundamental cheap valuation and our expectations of a softer USD environment in 2019."
Elsewhere, most major currencies stuck to narrow trading ranges ahead of several central bank decisions. The U.S. Federal Reserve concludes its policy meeting on Wednesday and the Bank of England is seen raising interest rates on Thursday. Month-end macroeconomic data is also due from China on Wednesday.
The British pound
In commodities, U.S. crude
Spot gold was a tad firmer at $1,223 an ounce.
(Editing by Sam Holmes)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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