Asian shares dip; euro weighed by sagging German business morale

Asian shares slipped on Thursday as a surprise deterioration in German business morale rekindled fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.[TOKYO] Asian shares slipped on Thursday as a surprise deterioration in German business morale rekindled fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.

Overnight, Wall Street shrugged off some earnings misses but drifted lower at the end of the session, after the S&P 500 and the Nasdaq Composite registered record closing highs on Tuesday.Chotaro Morita, chief rates strategist at SMBC Nikko, noted hopes that the Chinese economy is bottoming out have contributed to recent rallies in global equities."Corporate earnings that have been released so far suggests the worst period for the Chinese economy was over.

The deteriorating reading on German business morale, in a survey by the IFO economic institute, bucked expectations for a small improvement. A sharp slowdown in Australian inflation also lifted bond prices, while Premier Li Keqiang in China said authorities should not underestimate the difficulties in the Chinese economy, adding to concerns about global demand.

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