TOKYO - Asian shares dipped on Friday but
remained on track for weekly gains while the dollar was poised
for a losing week, as investors weighed whether President-elect
Donald Trump would stress growth-boosting steps when he takes
On Wall Street, major indexes finished lower a day after
Trump failed to elaborate on his economic stimulus plans in his
first news conference since his Nov. 8 election victory.
MSCI's broadest index of Asia-Pacific shares outside Japan
was down 0.2 percent, after rising to its
highest levels since late October in the previous session. It
was up 1.8 percent for the week.
Japan's Nikkei stock index rose 0.4 percent, on
track to shed 1.2 percent for the week.
Many investors remained hopeful that markets will get a lift
from a wave of financial deregulation that could follow Trump's
inauguration, including a rollback of some of the Dodd-Frank
financial reform that Congress enacted after the financial
crisis and bank bailouts.
"Market weakness at the end of the week may continue, but
anticipation of a Dodd-Frank repeal possibility spurs an
optimistic outlook," said Hiroki Allen, chief representative of
Superfund Japan in Tokyo.
But this week's stronger yen also dented demand for Japanese
shares. The dollar edged up 0.1 percent to 114.86 yen
after skidding as low as 113.75 on Thursday, its lowest since
Dec. 8. It was on track to shed 1.8 percent for the week.
The dollar wallowed around five week lows against a currency
basket, even as the dollar index edged up 0.2 percent to
101.52. It was down 0.7 percent for the week.
The dollar index scaled 14-year peaks this month, on
speculation that Trump's policies would spur growth and
inflation, and prompt the Federal Reserve to raise interest
rates at a faster pace than previously expected.
The euro was steady at $1.0612, well above last week's
14-year low of $1.0340 and poised to gain 0.7 percent for
Crude oil prices extended gains, bolstered by the weaker
dollar as well as news that Saudi Arabia has cut oil output to
its lowest in almost two years and plans further reductions.
Brent crude was trading 1.8 percent at $56.11 a
barrel, while U.S. crude was up slightly at $53.03.
Spot gold was nearly flat at $1,194.90 an ounce,
after it surged to seven-week highs above $1,200.