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    Thursday, 29 December 2016

    Global Markets: Asia stocks, dollar subdued on last trading day of 2016, euro spikes briefly

    Japan's Nikkei retreated 0.7 percent on a stronger yen, on track for a 0.1 percent loss in 2016. That is its worst in five years, with the yen's 22 percent surge in the first half of the year slamming the index. (Reuters)
    MCX Tips
    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 Nov. 8, before settling back down to trade 0.6 percent higher at $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. That’s all,” said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo.

    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 U.S. President in November, Asia ex-Japan stocks are poised to post a 3.3 percent gain



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