Some investors took cash off the table after Thursday's rally and ahead of Federal Reserve Chairman Bernanke's speech at a conference in Boston later in the global day. Markets will be watching closely for clues on the timing and extent of any further quantitative easing measures to kick start an ailing U.S. economy.
"Further (quantitative easing) by the Federal Reserve in early November is looking increasingly inevitable although doubts remain on the size of the package and its effectiveness," said Mark Smith, economist at ANZ bank in Wellington. "Investors are starting to realise that looser U.S. monetary policy may not be the magic bullet they were hoping for," he said.
Banking stocks in Korea and Australia were down as they reacted to concerns on Wall Street over banks' foreclosure practices. In Sydney, ANZ bank lost 1.1% and Westpac bank was off 0.9%, while in Seoul, Woori Finance fell 0.9% and Korea Exchange Bank lost 0.4%.
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