(Corrects grammatical error in first paragraph)
* Wall Street slips as Trump fails to offer economic plan
* Oil extends gains on news of Saudi output cuts
* Dollar index pulls away from last week's 14-year highs
By Lisa Twaronite
TOKYO, Jan 13 Asian shares dipped on Friday but
were on track for weekly gains while the dollar was poised for a
losing week, with investors disappointed that President-elect
Donald Trump failed to elaborate on stimulus plans at a news
conference two days ago.
Investors largely shrugged off trade data from China.
December exports fell by a more-than-expected 6.1 percent from a
year earlier, while imports beat forecasts slightly, government
data released on Friday showed.
As the world's largest trading nation, China could come
under pressure from protectionist measures this year if Trump
follows through on his campaign pledges to brand it a currency
manipulator and impose heavy tariffs on the country's imports.
China is the biggest loser in the anti-globalisation trend,
customs spokesman Huang Songping told reporters on Friday, and
Trump's policies could limit the country's export growth.
MSCI's broadest index of Asia-Pacific shares outside Japan
was down 0.2 percent, after rising to its
highest levels since late October in the previous session. It
was up 1.8 percent for the week.
On Wall Street, major indexes finished Thursday lower,
chilled by Trump's failure to address economic policy plans at
his first news conference since winning the Nov. 8 election.
Japan's Nikkei stock index rose 0.5 percent, but was
on track to shed 1.1 percent for the week.
Many investors remained hopeful that markets will get a lift
from a wave of financial deregulation that could follow Trump's
inauguration, including a rollback of some of the Dodd-Frank
financial reform measures that Congress enacted after the
financial crisis and bank bailouts.
"Market weakness at the end of the week may continue, but
anticipation of a Dodd-Frank repeal possibility spurs an
optimistic outlook," said Hiroki Allen, chief representative of
Superfund Japan in Tokyo.
But this week's stronger yen dented demand for Japanese
shares. The dollar was up 0.3 percent at 115.06 yen after
skidding as low as 113.75 on Thursday, its lowest since Dec. 8.
It was on track to shed 1.5 percent for the week, with some
investors saying the yen's rise has room to run and others
suggesting it might be close to a top.
"It is unlikely that the yen strengthens further against the
dollar," Yukio Ishizuki, FX strategist at Daiwa Securities in
Tokyo. "The U.S. Treasuries yield is expected to rise
considering rising U.S. inflation expectations."
The yields on 10-year and 30-year Treasury notes had touched
their lowest levels since November early Thursday, but rose
again in Friday morning trade in Asia. The 10-year yield
stood at 2.385 percent, compared with Thursday's
U.S. close of 2.361 percent.
The dollar wallowed around five-week lows against a currency
basket, even as the dollar index edged up 0.2 percent to
101.51. It was down 0.7 percent for the week.
The dollar index had scaled 14-year peaks this month, on
speculation that Trump's policies would spur growth and
inflation, and prompt the Federal Reserve to raise interest
rates at a faster pace than previously expected.
The euro was steady at $1.0610, well above last week's
14-year low of $1.0340 and poised to gain 0.8 percent for
Crude oil prices extended gains, bolstered by the weaker
dollar as well as news that Saudi Arabia has cut oil output to
its lowest in almost two years and plans further reductions.
Brent crude rose 0.1 percent to $56.07 a barrel,
while U.S. crude added 0.2 percent to $53.09.
Spot gold slipped 0.3 percent to $1,191.96 an ounce,
as investors locked in gains on its overnight surge to
seven-week highs above $1,200.
London copper gained 0.3 percent to $5,860 a tonne,
putting it on track for a weekly gain of nearly 5 percent. That
would be its biggest weekly advance since late November as
expectations of a pickup in global manufacturing and a weaker
dollar boosted industrial metals.
(Additional reporting by Yuzuha Oka in Tokyo; Editing by Simon