Asia shares slip after Apple results hit Wall Street, dollar off highs | Reuters

TOKYO Asian shares edged down on Thursday after disappointing earnings from technology giant Apple dragged on Wall Street, while the dollar remained shy of this week's nearly nine-month highs.Besides Apple, results and forecasts from some other major U.S. companies also weighed on U.S.

Reuters October 27, 2016 06:45:07 IST
Asia shares slip after Apple results hit Wall Street, dollar off highs
| Reuters

Asia shares slip after Apple results hit Wall Street dollar off highs
 Reuters

TOKYO Asian shares edged down on Thursday after disappointing earnings from technology giant Apple dragged on Wall Street, while the dollar remained shy of this week's nearly nine-month highs.Besides Apple, results and forecasts from some other major U.S. companies also weighed on U.S. markets overnight. The S&P 500 and the Nasdaq Composite both skidded, though a standout performance by Boeing lifted the Dow Jones industrial average. MSCI's broadest index of Asia-Pacific shares outside Japan as well as Tokyo's Nikkei stock index were both down 0.2 percent in early trading.Expectations for a year-end rate hike by the Federal Reserve remained intact, and bolstered the greenback. In recent weeks, market participants have been pricing in more than a 70 percent chance that the U.S. central bank would hike interest rates in December, according to CME Group's FedWatch program. Later on Thursday, market participants will parse the latest data on U.S. durable goods, jobless claims and pending home sales. 

"These reports are not expected to have a dramatic impact on the dollar but with USD/JPY eyeing 105, stronger reports could give the pair the push that it needs to make a run for this key level," wrote Kathy Lien, managing director at BK Asset Management.U.S. growth figures scheduled for release on Friday could reinforce or temper Fed hike expectations. The dollar added 0.1 percent to 104.61 yen, moving back toward this week's high of 104.87 yen touched on Tuesday, its highest level since late July.

The euro was steady at $1.0907, while the dollar index stood at 98.610, within sight of Tuesday's nearly nine-month high of 99.119. Crude oil futures nursed losses after settling down more than 1 percent on Wednesday even after a surprise drawdown in U.S. crude inventories, as traders remained cautious that OPEC would be able to cut production come late November.

U.S. crude edged up 0.1 percent to $49.25 a barrel, while Brent crude was nearly flat at $49.99. (Reporting by Tokyo markets team; Editing by Shri Navaratnam)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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