Monday, 19 December 2016

Asia stocks find relief as China set to return seized US drone

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Asian shares steadied in early trade on Monday after China agreed to return a drone it had seized, easing worries about rising diplomatic tensions between the world's two biggest economic powers. MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.1 percent after falling to its lowest level in three weeks on Friday. Japan's Nikkei dipped 0.2 percent from one-year high. Financial markets briefly turned "risk-off" in late trade on Friday following news that a Chinese Navy warship had seized a underwater drone in international waters in the South China Sea.

The Dow Jones industrial average ended down 0.04 percent to 19,843.41 on Friday, while the S&P 500 lost 0.18 percent to 2,258.07.

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