By Lisa Twaronite
TOKYO (Reuters) - Asian shares struggled to find their footing on Tuesday and the dollar clawed back ground lost after downbeat U.S. economic data contributed to an uninspiring session on Wall Street.
European equities were expected to open around 0.5 percent higher on Tuesday from their close on Thursday before the long Easter holiday weekend, said spreadbetter IG.
Investors awaited Federal Reserve Chair Janet Yellen's speech at 1620 GMT for fresh signals on the outlook for U.S. interest rate hikes, after a chorus of hawkish comments from other Fed officials.
MSCI's broadest index of
Asia-Pacific shares outside Japan slipped about 0.3 percent.
Australian shares (.AXJO) finished about 1.6 percent lower, in their
first day of trade following the holiday weekend.
China's blue-chip CSI300 index was down 0.84 percent, while the Shanghai Composite Index (.SSEC) lost 1.1 percent.
"Once
bitten, twice shy. Investors burnt by last year's market crash are
still too scared to enter the market, which is why we see a trading
pattern of quick profit-taking," said Yang Hai, analyst at Kaiyuan
Securities Co.
Japan's
Nikkei (.N225) ended down 0.2 percent as the Japanese fiscal year draws
to a close on Thursday, with the mood not helped by mixed economic data
released before the market opened.
Japanese household spending rose
1.2 percent in February from a year earlier in price-adjusted real
terms, in contrast with the median forecast for a 1.5 percent fall,
partly because of the extra Leap Year day. But the country's jobless
rate inched up to 3.3 percent, and retail sales fell short.
U.S.
data released on Monday also showed signs of weakness, with consumer
spending barely rising last month and inflation retreating. That
suggested the Federal Reserve could remain cautious about raising
interest rates this year even as the labour market rapidly tightens.
Against
the yen, the dollar edged up about 0.1 percent to 113.61 yen (JPY=),
though below its session high of 113.74. The euro was also steady at
$1.1189 (EUR=).
The dollar index, which tracks the U.S. currency against a basket of rivals, added about 0.1 percent to 96.066 (.DXY).
Speculation
of more monetary stimulus and talk that Japanese Prime Minister Shinzo
Abe might delay an unpopular sales tax hike and call a snap election
kept the yen under pressure, though Abe insisted on Tuesday that neither
option was planned.
Despite the divergence in
monetary policy expectations, with the Fed still seen on track to hike
rates this year and the Bank of Japan expected to take additional
stimulus steps, the yen remained hamstrung by uncertainty over whether
the BOJ will cut interest rates deeper into negative territory.
"We're
still experiencing the hangover from the BOJ's negative interest rate
policy, which is driving a lot of safe-haven flows," said Jennifer Vail,
head of fixed-income research at U.S. Bank Wealth Management in
Portland, Oregon.
"The market is waiting to see if a further move into negative territory is going to be part of policymakers' toolbox," she said.
Crude
oil extended overnight losses, as analysts forecast another rise to
record levels for U.S. crude stockpiles. Brent (LCOc1) was down 0.9
percent at $39.91 a barrel, while U.S. crude (CLc1) fell 0.8 percent to
$39.09. [O/R]
Gold
dipped slightly on Tuesday, but held above a one-month low on a softer
dollar and weak U.S. economic data that dented expectations of an
immediate hike in U.S. interest rates.
Spot
gold (XAU=) was down 0.2 percent at $1,218.55 an ounce, holding above a
one-month low as the weak U.S. data dented expectations of an immediate
hike in U.S. interest rates.
(Additional reporting by Samuel Shen and Pete Sweeney; Editing by Simon Cameron-Moore and Eric Meijer)
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