HONG KONG, Oct 25 — Asian shares started steady today ahead of a week packed with major quarterly earnings announcements, while the dollar hovered near October lows after three weeks of risk-friendly sentiment hurt safe-haven currencies.
“This week earnings take centre stage,” said Chris Weston, head of research at brokerage Pepperstone in Melbourne, in a morning note. This morning, the regional benchmark was flat with a 0.5 per cent gain in Australia balanced by a 0.6 per cent fall in Korea .Asian shares have largely lagged their US and European counterparts in recent months mainly due to regulatory ructions and fears of slowing growth in China.
However, the risk friendlier mood that supported equities has weighed on safe-haven currencies, as have rising energy prices which supported currencies like the Aussie and Canadian dollars. Federal Reserve Chair Jerome Powell on Friday said the US central bank should start the process of reducing its support of the economy by cutting back on its asset purchases, but should not yet touch interest rates.
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