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Asian shares slip ahead of US Fed chief's speech

Published on Aug 20, 2014 12:58 PM
 
Asian shares slipped Wednesday despite a positive lead from Wall Street, where stocks picked up on encouraging US economic data ahead of a keynote speech this week by the Federal Reserve chief. -- PHOTO: REUTERS

HONG KONG (AFP) - Asian shares slipped Wednesday despite a positive lead from Wall Street, where stocks picked up on encouraging US economic data ahead of a keynote speech this week by the Federal Reserve chief.

Shanghai lost 0.25 per cent, Seoul fell 0.17 per cent and Sydney was down 0.12 per cent while Hong Kong traded flat.

Tokyo also edged down after data showed Japan's trade deficit for July narrowed 6.6 percent from a year earlier, with exports picking up on rising demand for cars and machinery.

But the shortfall was still worse than market expectations and analysts said domestic consumption - rather than export demand - was likely to be the key economic driver in the second half of the year.

 
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