Asian shares inch up, yen slips
Singapore |
Singapore (Reuters)- - Asian shares inched higher in early trade on Wednesday, while the yen may head lower as some investors said the position unwinding due to risk aversion would be shortlived.
Crude oil slipped, extending two days of losses after Goldman Sachs urged investors to book profits, warning for a second time in as many days of an increased risk of price reversal .
Tokyo's Nikkei .N225 rose 0.4 percent while South Korea's Kospi .KS11 edged up 0.2 percent, led by exporters, although resource-related stocks weakened across Asia, taking a cue from the widespread decline in commodity prices overnight.
The yen slipped 0.4 percent against the dollar as some analysts said its gains this week were because of stretched positioning and may be an opportunity to extend their short positions.
"At this stage, we don't see reason to believe that the early week price action marks the start of a broader 'risk-off' move ... This latest dip is an opportunity to reset or extend longs (against the yen)," analysts at BNP Paribas wrote in a client note.
Brent crude for May was down 0.1 percent at $120.77 a barrel, extending a $3 plunge overnight. The May Brent contract expires on Thursday. U.S. May crude fell 0.1 percent to $106.12.
(Additional reporting by Ian Chua; Editing by Ron Popeski)
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