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Asian stocks on the back foot ahead of ECB

FXStreet (Mumbai) - The Asian markets experienced a quiet session today, with the regional indices turning cautious ahead of the much awaited ECB monetary policy decision. Also, markets continue to digest Yellen’s optimistic comments, which hinted that the economy was ready for a lift-off this month.

China stocks consolidate gains

The Japanese markets extended its cautious tone for the second straight session, tracking the negative close on the Wall Street overnight after Yellen’s talked up Dec rate hike prospects, which weighed on the corporates. However, a weaker yen continue to lift the exporters’ stocks, thereby supporting the index somewhat. The Nikkei edges -0.16% lower at 19,906 while USD/JPY rises to 123.32, up 0.08% so far.

The Australian benchmark, the S&P/ASX also declines -0.68% to 5,222, after a host of economic data dampened investors’ sentiment. Australia’s trade deficit widened on fall in mining exports while the Chinese services sector activity unexpectedly slowed in Nov.

The Chinese indices trades mixed, with the benchmark Shanghai Composite (SSEC) gaining 0.59% to 3,557. China’s A50 index rises 0.35% to 10,762 points. While Hong Kong’s, the Hang Seng drops -0.39% to 22,393.

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