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Title : Asian stocks drop after Wall Street weakness
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Asian stocks drop after Wall Street weakness

Elaine Kurtenbach, The Associated Press</span>
Published Wednesday, January 17, 2018 1:35AM EST

TOKYO - Shares were lower in early Asian trading Wednesday after a lacklustre session on Wall Street, where the Dow industrial average ended almost flat after backtracking from a broad rally earlier in the day.

KEEPING SCORE: Japan's Nikkei 225 index lost 0.4 per cent to 23,851.20 and Hong Kong's Hang Seng slipped 0.2 per cent to 31,853.70. The Kospi in South Korea shed 0.3 per cent to 2,513.40 while Australia's S&P/ASX 200 dropped 0.4 per cent to 6,022.30. The Shanghai Composite index added 0.4 per cent to 3,451.61 and shares in Southeast Asia were mostly lower.

ANALYST VIEWPOINT: "U.S. equity markets flip flopped returning from the Martin Luther King Day holiday and coupled with the softer oil prices, set Asian markets for a day of contemplation," Jingyi Pan of IG said in a commentary.

JAPAN MACHINERY: Orders for machinery were the highest in almost a decade in November, rising nearly 12 per cent from a month earlier, the government reported Wednesday. The strong demand suggests companies are investing to expand production capacity that likely would support growth in coming months, analysts said.

WALL STREET BOUNCE: Losses by industrial and technology companies helped pull shares back from their latest record highs. The slide erased some of the gains from a broad rally earlier Tuesday that had pushed the Dow Jones industrial average past the 26,000-point threshold for the first time. The Standard & Poor's 500 index fell 0.4 per cent to 2,776.42. The Dow lost 0.04 per cent to 25,792.86 and the Nasdaq shed 0.5 per cent to 7,223.69. The Russell 2000 index of smaller-company stocks gave up 1.2 per cent to 1,572.97.

BITCOIN: The price of bitcoin extended its slump, triggered by comments by a South Korean financial policymaker who said that banning trading in digital currencies was an option. The price of one bitcoin was down 1.6 per cent at $11,156.53 as of 0240 GMT Wednesday according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange were up 1.67 per cent at $11,240. The futures allow investors to make bets on the future price of bitcoin. The price of bitcoin soared last year after starting 2017 under $1,000, but has languished this year amid signs of increased scrutiny from governments. Many finance pros believe bitcoin is in a speculative bubble that could burst any time.

ENERGY: Benchmark U.S. crude picked up 15 cents to $63.88 per barrel in electronic trading on the New York Mercantile Exchange. It fell 57 cents to $63.73 per barrel on Tuesday. Brent crude, used to price international oils, climbed 10 cents to $69.25.

CURRENCIES: The dollar rose to 110.64 yen from 110.49 yen on Tuesday. The euro strengthened to $1.2281 from $1.2258.

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