Asian shares take a break after gaining for three consecutive sessions
Sydney — Asian shares took a small step back on Tuesday after three consecutive sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely increase in US borrowing costs this week. The latest promising news came from China where banks doled out a surprisingly generous dose of credit in November, which could bode well for a pick-up in retail sales and industrial output due later in the week. MSCI’s broadest index of Asia-Pacific shares outside Japan drifted off 0.3%, having bounced 2% in the past three sessions. Moves were minor across the region, with blue-chip Chinese shares down 0.5% and Australian stocks up 0.2%. Japan’s Nikkei eased 0.3%, after the index scored its highest close in 25 years on Monday. Spread-betters pointed to a modestly firmer start on most European bourses, while e-mini futures for the S&P 500 were up a slim 0.04%. Wall Street had been led higher by technology and energy stocks, with Apple making the biggest co...
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