Asian equities step back from 2007 maximum

Asian equities step back from 2007 maximum

On Wednesday, Asian stocks stepped back from testing their 2007 record maximum because traders booked profits in high-tech equities, while crude hit three-year maximums because of output cuts and a sag in inventories.

MSCI's index of Asia-Pacific equities dived 0.3% after six straight days of revenues until Tuesday, which had taken it within a step from the record peak hit in November 2007.

As for information technology shares, they led the dip with a 1.1% dive because Samsung Electronics extended its losses. As a matter of fact, the tech company's revenue guidance disappointed traders and raised worries that the memory chip boom might be coming to its end.

Japan's Nikkei descended 0.2%, diving from 26-year peaks reached yesterday.

Revenues for S&P 500 companies are believed to soar 11.8% in the fourth quarter versus an 8% jump in 2017, according to Thomson Reuters I/B/E/S.

The common currency descended to $1.1945 versus $1.2028 at the end of the previous week.

 

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