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Asian Shares Ease from ThreeWeek Highs, Dollar Retreats

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Asian shares pulled back from a threeweek high on Wednesday, dragged lower by Chinese stocks, though investors were still focused on upcoming company earnings for more signs of a global economic recovery.

Eurostoxx 50 futures were off 0.1, those for Germanys Dax were barely changed while Londons FTSE futures were up 0.4. EMini futures for the SP 500 were mostly flat.

Earlier, MSCIs broadest index of AsiaPacific shares outside of Japan had started on a firm footing, going as high as 697.01 points, a level last seen on March 18.

However, it succumbed to selling pressure and was last down 0.1 after Chinese and Hong Kong shares opened in the red following a strong rally last week.

Chinas bluechip CSI300 index was down about 1 while Hong Kongs Hang Seng index fell 0.8.

Geopolitical tensions in the region added to the jitters.

Taiwans foreign minister said on Wednesday it will fight to the end if China attacks, adding that the United States saw a danger that this could happen amid mounting Chinese military pressure, including aircraft carrier drills, near the island.

Other Asian markets were still positive.

Japans Nikkei was a shade higher while Australian shares rose 0.6 and South Koreas KOSPI added 0.3. New Zealand ended 0.7 higher.

Broadly, successful vaccine rollouts in the United States and UK together with sturdy macroeconomic data have boosted investors risk appetite, aiding shares and emerging market assets.

The U.S. economy is experiencing the first effects…

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