STOCKS NEWS ASIA
Asian shares set for muted start
Reuters
First Posted 07:48:00 01/06/2009
Filed Under: Stock Activity, Markets & Exchanges, Emerging Markets Debt, Economy and Business and Finance, Gaza conflict, Soft Commodities, Oil & Gas - Upstream activities
WELLINGTON, New Zealand -- Asian shares are set for a softer start Tuesday, as Wall Street eased slightly after investors booked profits following last week's solid rally.
The initial flush of optimism, which marked the New Year, quickly receded on Wall Street as expectations of lower earnings hit telecommunications and financial stocks.
But Japanese shares look likely to edge higher, adding to Monday's strong gains, with Nikkei futures traded in Chicago closing at 9,280, down 85 points but 210 points higher than the Osaka futures close on Monday.
The US dollar gained against the euro and the yen, as investors were buoyed by a fiscal stimulus package proposed by US President-elect Barack Obama, and the prospect of further interest rate cuts by the European Central Bank.
Crude oil prices rose 5.0 percent on fears over tensions in the Middle East and between Russia and neighboring Ukraine.
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