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Title : Asian stocks drop as Wall Street rally fades
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Asian stocks drop as Wall Street rally fades

Elaine Kurtenbach, The Associated Press</span>
Published Wednesday, January 10, 2018 12:22AM EST

TOKYO - Share prices were mostly lower in Asia on Wednesday despite Wall Street's extended winning streak. Chinese shares were buoyed by surging oil prices.

KEEPING SCORE: Japan's Nikkei 225 index lost 0.1 per cent to 23,816.31 and the Kospi in South Korea lost 0.3 per cent to 2,502.72. Australia's S&P ASX 200 slipped 0.5 per cent to 6,104.80. But the Hang Seng index in Hong Kong jumped 0.7 per cent to 31,230.37 and the Shanghai Composite index added 0.4 per cent to 3,425.84. Shares fell in Taiwan and were mixed in Southeast Asia.

WALL STREET: Stocks pushed further into record territory Tuesday, with health care stocks and banks leading the gains. The S&P 500 rose 0.1 per cent to 2,751.29 to equal its longest winning streak leading off a year since 2010. The Dow Jones industrial average rose 0.4 per cent to 25,385.80 and the Nasdaq composite gained 0.1 per cent to 7,163.58. The Russell 2000 index of small-cap stocks slipped 0.1 per cent to 1,560.10.

OIL RALLY: Gains in oil prices helped lift energy sector heavyweights in Hong Kong. China Petroleum & Chemical Corp. gained 2.8 per cent while PetroChina added 1.9 per cent and China Shenhua climbed 2.1 per cent.

ANALYST VIEWPOINT: "The slew of positive factors creates a breeding ground for optimism as we find the U.S. market sustaining on the climb. The Dow Jones, S&P 500 and NASDAQ indices brought us fresh highs once again on Tuesday, though the carry through to Asian markets may be limited by caution ahead," Jingyi Pan of IG said in a commentary.

CURRENCIES: The dollar fell to 112.29 Japanese yen from 112.65 yen late Tuesday. The euro rose to $1.1942 from $1.1938, and the British pound dipped to $1.3534 from $1.3540.

ENERGY: Benchmark U.S. crude oil rose 50 cents to $63.46 per barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.23 to settle at $62.96 per barrel on Tuesday. Brent crude, the international standard, added 37 cents to $69.19 per barrel. It rose $1.04 to settle at $68.82 per barrel in London.

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