Friday, 30 December 2016

Asia stocks, dollar subdued on last trading day of 2016

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Asian stocks and the dollar were off to a subdued start on Friday as investors took profits on the last trading day of 2016, while the euro briefly spiked in thin trade. The euro jumped as much as 2 percent early on Friday, its biggest intraday gain since November 8, before settling back down to trade 0.6 percent higher at USD 1.0559. "It's a really thin market today, and suddenly, offers disappeared and short-term players pushed the euro higher and took out stops

The common currency is still down 2.8 percent for the year. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed early on Friday. In a year marked by major political surprises, including Brexit and the unexpected election of political novice Donald Trump to US President in November, Asia ex-Japan stocks are poised to post a 3.3 percent gain.

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