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Asian shares prove resilient to euro jitters

Published on Jul 11, 2014 11:20 AM

SYDNEY (Reuters) - Asian shares recouped early losses on Friday as sentiment in the region proved resilient to Portuguese bank concerns amid signs offshore funds were returning to emerging world assets.

MSCI's broadest index of Asia-Pacific shares outside Japan recovered to be a fraction firmer. Indices in Australia, Singapore and China were all higher, while Japan's Nikkei pared its losses to be off just 0.26 per cent.

The yen also surrendered some of its safe-haven gains as analysts emphasised that the woes of one Portuguese bank were no threat to the country's sovereign rating.

Rather the news served as an excuse to book profits on what has been a long rally in European stocks and bonds.

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