(Corrects German Bund yield to 0.26 pct from 2.6 pct)
* Spreadbetters see mixed open for European stocks
* Dollar index near 13-1/2 mth high after upbeat US data
* MSCI Asia Pacific index loses 0.4 pct, Nikkei up 1.1 pct
* Yuan near 7 per dollar level for first time since May 2008
* Prospects of China, U.S. inflation buoy industrial metals
* Crude oil little changed amid OPEC meeting uncertainty
By Shinichi Saoshiro
TOKYO, Nov 24 Most Asian stock markets fell on
Thursday as upbeat economic data strengthened the prospect for
higher U.S. interest rates, while the dollar's bull run
continued with U.S. bond yields propelled to multi-year highs.
Japanese stocks swam against the tide and rose to a near
11-month high as the yen weakened.
Spreadbetters saw a mixed opening for European stocks,
forecasting a slightly lower open for Britain's FTSE, a
marginally higher open for Germany's DAX and a flat
start for France's CAC.
The dollar index against major currencies rose 0.1 percent
to 101.78, not far from a 13-1/2-year high of 101.91
The greenback drew support from a further rise in U.S.
The two-year yield hit its highest levels since
April 2010 on Wednesday on further bets the Trump administration
will increase debt-funded spending and spur growth and
Such a view - which has also lifted expectations for more
U.S. rate hikes next year - was reinforced on Wednesday after
new orders of U.S. manufactured capital goods rebounded in
October. Consumer sentiment also jumped in November.
"It (the U.S. dollar) is a freight train that seems over
limit at the moment, but it may have a long way to go before
what looks and feels like a structural adjustment settles down,"
said Greg McKenna, chief market strategist at CFD and FX
The dollar was up 0.1 percent at 112.650 yen after
touching an eight-month high of 112.980 overnight. It has gained
roughly seven big figures since Trump's victory earlier this
The euro was down 0.1 percent at $1.0543 after
touching $1.0526 overnight, its lowest since December 2015. The
common currency has dropped nearly 4 percent in November.
The firm dollar kept most emerging market currencies on the
ropes, with China's yuan nearing the 7 per dollar level for the
first time since May 2008.
State banks or foreign exchange authorities in China, India,
Indonesia and the Philippines were all suspected of intervening
to slow the slide in their currencies on Thursday.
MSCI's broadest index of Asia-Pacific shares outside Japan
pared Wednesday's gains and lost 0.4 percent as
focus returned to the United States. Facing the prospect of
higher U.S. interest rates diverting money from emerging
markets, it has lost 3.5 percent this month.
Hong Kong's Hang Seng shed 0.2 percent while higher
metals prices lifted China's blue-chip CSI300 index
0.4 percent. South Korea's Kospi fell 0.7 percent amid
receding foreign investor appetite.
"The amount of foreign stock-dumping is likely to increase
during the session due to the strong dollar and the absence of
any momentum for the South Korean market to rebound," said Ha
Keon-hyeong, a foreign exchange analyst at Shinhan Investment
Japan's Nikkei was up 1.1 percent, touching its
highest level since early January.
Equities in emerging and developed economies have headed in
different directions since Trump's win.
Higher U.S. yields have pulled those of other developed
economies from rock-bottom levels, with investor money now
expected to flow back from emerging markets which had offered
relatively higher rates.
The Dow marked a record closing high overnight.
Germany's DAX has gained nearly 2 percent since the victory by
the Republican candidate. On the other hand, MSCI's emerging
markets index has fallen 5.8 percent this month.
Japan's 30-year bond yield rose to an
eight-month peak of 0.650 percent. The German 10-year bund
yielded around 0.26 percent on Wednesday, having
climbed from a record low of minus 0.2 percent struck in July.
Oil prices were little changed amid uncertainty ahead of a
planned OPEC-led crude production cut at a meeting on Nov. 30.
U.S. crude was up 3 cents at $47.99 a barrel and
Brent was flat at $48.95.
London zinc hit an 8-year high and copper jumped for
a fourth day in a row as funds poured into metals on
expectations of growing strength in the U.S. manufacturing
(Additional reporting by Cecile Lefort in Sydney and Dahee Kim
in Seoul; Editing by Eric Meijer and Kim Coghill)