Asian shares pulled back from 10 year highs; investors pay close attention to Chinese markets

Asian shares floated under their 10 year highs on Friday as investors monitored Chinese markets with caution following stocks decline the previous day.

.MIAPJ0000PUS, MSCI’s largest index of Asia Pacific shares out of Japan, inched down by 0.1 percent in early trade, headed by a 0.3 percent decline in Australian shares. The MSCI index floated just below its 10 year high. Japan's Nikkei .N225 tumbled by 0.6 percent.

Daiwa Securities chief global strategist, Hirokazu Kabeya, mentioned that several markets had been reaching new peaks. This should indicate that there might be some profit taking. He also added that patience was needed for the next phase that was soon to come.

In spite of global strong earnings and economic growth that supported shares in Asia and many parts in the world, a fall in the Chinese market caused significant concern that caught investors’ attention. On Thursday, the CSI300 index .CSI300 tumbled 0.3 percent, the most significant decline in approximately a year, due to doubts about rising Chinese bond yields.

Dollar suffers from for weekly losses; Fed Reserve warns about inflation

The dollar recorded losses versus most rivals in a holiday shortened week. The greenback fell following the minutes from the Fed Reserve’s latest policy meeting which expressed concerns about stubbornly weak inflation. These concerns may put off a rate hike to next year.

The dollar inched up 0.1 percent versus the yen to 111.33 JPY=, pulling back from Thursday’s two month low of 111.07 yen, however, it remained down 0.6 percent for the week.

Black Friday bargains are coming to a close as Cyber Monday sales are catching the attention of shoppers. Most brands offering bargains on Friday are also giving sales on Saturday, Sunday and Monday.
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