SINGAPORE: Asian shares were pinned to three-week lows on Thursday, as a housing policy briefing in China underwhelmed investors and property stocks slumped, while the euro touched an 11-week low ahead of an expected rate cut by the European Central Bank.
Japan's Nikkei slipped 0.7% and China's broad indexes lacked direction after early gains reversed. The Shanghai Composite rose 0.1% and is now trading more than 10% below last week's 33-month high. But there was no new gesture to excite markets about a meaningful revival for a sector where a crackdown on developers' borrowing has set off a wave of defaults, while declining prices have shaken households' faith in the asset class.
Australian shares also eased from a record high as mining stocks slipped and iron ore prices fell in Singapore. U.S. equities futures wobbled lower after the main indexes closed at or near record levels on Wednesday.Bonds have been supported since data showed an unexpectedly large slowdown in British inflation on Wednesday, helping gold - which pays no yield - rise to within a whisker of a record high, while sending sterling sliding below $1.30.
Trump's tariff, tax and immigration policies are seen as inflationary, and thus negative for bonds and positive for the dollar. The yen traded at 149.54 per dollar.
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