SINGAPORE (Reuters) – Asian stocks slipped on Monday as demand for riskier assets ebbed after recent strong gains, while the euro’s near-two-year high on the European Central Bank’s seeming lack of concern about its strength left the dollar languishing near a 13-month low.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent early on Monday.
Japan - Nikkei - Percent - Yen
Japan’s Nikkei dropped 0.8 percent on a stronger yen.
Australian shares retreated 0.2 percent and South Korea’s KOSPI was flat.
Friday - Stocks - Winning - Streak - Breather
On Friday, global stocks snapped a 10-day winning streak, taking a breather from a rally that had propelled them to a record high.
Wall Street indexes ended Friday flat to about 0.15 percent lower, as disappointing earnings from General Electric and energy shares weighed.
Shares - Germany - DAX - Percent - Euro
European shares also closed lower, with Germany’s DAX slumping 1.7 percent, dragged lower by the euro’s strength.
The euro was trading 0.1 percent higher at $1.1677 early on Monday, just a whisker below the two-year intraday high hit on Friday.
ECB - President - Mario - Draghi - Comments
ECB President Mario Draghi’s comments on Thursday, which conspicuously avoided citing the euro’s recent strength as a problem, has emboldened traders convinced the central bank will begin tapering its bond-buying program later this year.
“There has been very little backpedaling on the long euro storyline as dealers continue to place much emphasis...
Wake Up To Breaking News!
A man rises to the greatness that is expected of him.