A man looks at an electronic stock board of a securities firm in Tokyo on Tuesday, June 3, 2014. Asian markets mostly fell on Wednesday, June 4, after two days of healthy gains, while investors also took their lead from Wall Street’s retreat from record highs. AP PHOTO/KOJI SASAHARA
HONG KONG–Asian markets mostly fell on Wednesday after two days of healthy gains, while investors also took their lead from Wall Street’s retreat from record highs.
The dollar edged higher against the yen as a recent batch of upbeat data boosted confidence in the global economy, while the euro faced selling pressure ahead of an expected easing of monetary policy by the European Central Bank.
Tokyo added 0.22 percent, or 33.71 points, to 15,067.96 thanks to the weaker yen, but Sydney fell 0.64 percent, or 34.9 points, to close at 5,444.8 despite better-than-expected first quarter economic growth data, while Shanghai shed 0.66 percent, or 13.47 points, to 2,024.83.
Hong Kong was 0.60 percent lower, giving up 139.33 points to close at 23,151.71.
Seoul was closed for a public holiday.
Global markets started the week on the front foot in response to a marked improvement in manufacturing activity in China and the United States.
However, New York dealers took their cash off the table on Tuesday ahead of an ECB policy meeting and Friday’s release of US jobs figures for May.
The Dow slipped 0.13 percent and the S&P 500 dipped 0.04 percent after both indices closed at records Monday. The Nasdaq eased 0.07 percent.
Sydney dipped as investors brushed aside figures showing a better-than-expected 1.1 percent increase in economic growth in the first three months of 2014, thanks to a sharp pick-up in mining exports.
In currency trades the dollar fetched 102.62 yen compared with 102.52 yen in New York.
The euro bought $1.3611 and 139.64 yen against $1.3627 and 139.73 yen after figures showed eurozone inflation slowed to 0.5 percent in May.
The news fanned expectations the ECB will unveil another round of monetary easing to fight off deflation when it holds its monthly policy board meeting on Thursday.
Oil prices edged higher. The US benchmark, West Texas Intermediate for delivery in July, gained 50 cents to $103.16 a barrel while Brent North Sea crude for July was up 22 cents at $109.04.
Gold fetched $1,245.55 an ounce at 1105 GMT compared with $1,246.83 late Monday in Europe.
In other markets:
— Mumbai fell 0.21 percent, or 52.76 points, to end at 24,805.83 points.
Wockhardt lost 3.78 percent to 572.65 rupees while Shriram Transport Finance slid 3.59 percent to 922.70 rupees.
— Bangkok fell 0.33 percent, or 4.84 points, to 1,449.40.
Coal producer Banpu rose 1.69 percent to 30 baht while Bangkok Bank lost 1.55 percent to 190.50 baht.
— Jakarta closed down 0.19 percent, or 9.59 points, at 4,932.56.
Bank Negara Indonesia lost 0.10 percent at 4,900 rupiah, while Asia Pacific Fibers gained 1.28 percent at 79 rupiah.
— Kuala Lumpur fell 0.39 percent, or 7.35 points, to close at 1,865.20 points.
Genting lost 1.7 percent to 9.83 ringgit while Tenaga shed 1.2 percent to 11.98. Sunway Berhad rose 2.2 percent to close at 3.21 ringgit.
— Singapore closed 0.50 percent lower, or 16.50 points, to 3,280.17.
Singapore Telecommunications gained 0.26 percent to Sg$3.89 while United Overseas Bank eased 1.50 percent to Sg$22.28.
— Taipei was almost unchanged, easing 3.50 points to 9,119.96.
Taiwan Semiconductor Manufacturing Co. rose 0.82 percent to Tw$123.5 while smartphone maker HTC fell 4.33 percent to Tw$143.5.
— Wellington was flat, edging down 4.77 points to 5,159.35.
Fletcher Building was off 0.89 percent at NZ$8.93 and Telecom added 0.55 percent to NZ$2.735.
— Manila closed 0.50 percent, or 34.27 points, lower at 6,766.57.
Metropolitan Bank and Trust Co. was unchanged at 85.65 pesos and Philippine Long Distance Telephone edged up 0.07 percent to 2,890 pesos.