ASIAN markets have slipped following a sell-off on Wall Street fuelled by US housing data that raised concerns about the Federal Reserve's stimulus program.
The US dollar lost some of the gains it made against the yen in New York, while the euro was also slightly lower after enjoying some support on Wednesday thanks to some rare good news for the eurozone economy.
Tokyo fell 1.14 per cent on Thursday owing to a pick-up in the yen against the US dollar. The Nikkei lost 168.35 points to end at 14,562.93, while Seoul closed 0.13 per cent lower, shedding 2.47 points to 1,909.61. Sydney was flat, edging up 0.5 points to 5,035.6.
Hong Kong shed 0.31 per cent, or 67.97 points, to 21,900.96 and Shanghai lost 0.60 per cent, or 12.16 points, to end at 2,021.17.
On Wall Street, the Dow fell after hitting a record high on Tuesday, with US dealers also moving out on a government report showing an unexpected 8.3 per cent surge in sales of new homes in June, their fastest pace in five years.
The Dow fell 0.16 per cent after hitting another record on Tuesday, while the S&P 500 slipped 0.38 per cent and the Nasdaq was flat.
While pointing to a pick-up in the US economy, the figures struck investors with fear that the Fed will start to wind down its $US85 billion-a-month bond-buying scheme soon.
Such a move by the Fed would leave fewer dollars in the financial system, lifting demand and in turn sending the currency higher.
By the end of US trade on Wednesday, the greenback rose to Y100.26, from Y99.48 the previous day. And in Tokyo on Thursday the unit fell further, to Y99.92.
In other forex trade, the euro bought $US1.3209 and Y132.01, from $US1.3199 and Y132.34.
The single currency was given support by news that private business across the eurozone returned to growth in July for the first time in 18 months, possibly signalling an end to recession, analysts said.
The Markit Eurozone Composite Purchasing Managers Index logged 50.4 points, above the 50-mark signalling growth, and a bigger-than-expected rise, after posting 48.7 points in June.
On oil markets, New York's main contract, West Texas Intermediate for delivery in September, was down 32 US cents at $US105.07 a barrel, while Brent North Sea crude for September shed 31 US cents to $US106.88.
Gold cost $US1,319.60 per ounce at 1810 AEST compared with $US1,343.70 late on Wednesday.
In other markets:
- Taipei dropped 0.40 per cent, or 32.61 points, to 8,163.58. Taiwan Semiconductor Manufacturing Co rose 0.49 per cent to $Tw102.5 while China Airlines fell 0.44 per cent to $Tw11.3.
- Manila ended flat, dipping 4.05 points to 6,800.11.
Philippine Long Distance Telephone lost 0.32 per cent to 3,068 pesos and Ayala Land fell 0.48 per cent to 31.25 pesos, while parent Ayala Corp dropped 4.22 per cent to 613 pesos.
- Wellington fell 0.49 per cent, or 22.41 points, to 4,576.79.
Telecom eased 0.42 per cent to $NZ2.345 while Fletcher Building was down 2.82 per cent at $NZ8.27.
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