Seoul Gazette - US data caps stock market gains; bitcoin slides after record

The dollar was mixed, while profit-taking weighed on oil and cryptocurrency bitcoin, which slid from its historic pinnacle hit the day before on a wave of investor enthusiasm.

Asian equities sank in line with losses Thursday on Wall Street following news of a sharper-than-expected jump in US wholesale prices.

Eyes next week turn to the Fed's latest monetary policy meeting.

The surprisingly large bump in February's US producer price index followed a forecast-beating read on consumer prices earlier in the week and overshadowed separate figures pointing to a slowdown in retail sales.

The data "cooled investors' appetite for risk after it confirmed the rising price acceleration for February", said ActivTrades analyst Pierre Veyret.

"This does not support the case of a quick dovish move from the Fed."

- Fed outlook -

While Fed officials are not expected to move on rates next week, their post-meeting statement will be pored over for an idea of their thinking, with many -- including boss Jerome Powell -- having warned they will only cut when confident inflation is under control.

The bank's dot plot estimates for rates through the rest of the year will also be closely examined. Markets are pricing in three cuts -- in line with policymakers' most recent forecasts.

Analysts said the latest figures suggested the personal consumption expenditures (PCE) deflator, the Fed's preferred gauge of inflation, could come in higher than hoped.

All three main indexes on Wall Street ended in the red Thursday as the recent strong rally faded.

The investor gloom then spilled over into most of Asia on Friday.

Hong Kong shed 1.4 percent -- having enjoyed a strong run-up at the start of the year -- while there were also losses in Tokyo, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei, Manila and Jakarta.

Shanghai, however, edged up even after China decided not to cut interest rates, with authorities refusing to unveil a strong stimulus to kickstart the struggling economy.

In cryptocurrency trading Friday, bitcoin slid 4.2 percent to $67,694, after spiking on Thursday to an all-time high of $73.797.

"After bitcoin was hitting all-time highs almost on an hourly basis in recent days, investors have been profit-taking," said Nigel Green, head of financial advisory firm deVere Group.

The unit has rocketed about 50 percent since the middle of February as rate-cut hopes weighed on the dollar. Bitcoin has also benefitted from surging interest caused by US authorities' decision to allow greater trading accessibility.

- Key figures around 1215 GMT -

London - FTSE 100: UP 0.2 percent at 7,759.62 points

Paris - CAC 40: UP 0.6 percent at 8,210.34

Frankfurt - DAX: UP 0.4 percent at 18,015.44

EURO STOXX 50: UP 0.6 percent at 5,022.96

Tokyo - Nikkei 225: DOWN 0.3 percent at 38,707.64 (close)

Hong Kong - Hang Seng Index: DOWN 1.4 percent at 16,720.89 (close)

Shanghai - Composite: UP 0.5 percent at 3,054.64 (close)

New York - Dow: DOWN 0.4 percent at 38,905.66 (close)

Euro/dollar: UP at $1.0896 from $1.0889 on Thursday

Dollar/yen: UP at 148.63 yen from 148.28 yen

Pound/dollar: UNCHANGED at $1.2752

Euro/pound: UP at 85.43 pence from 85.36 pence

West Texas Intermediate: DOWN 0.6 percent at $80.79 per barrel

Brent North Sea Crude: DOWN 0.5 percent at $84.98 per barrel

X.Ahn--SG