SYDNEY: Asian stocks slipped on Thursday as the market consolidated after a recent increase of nearly three-year highs, while data for Singapore impressive growth has highlighted the confidence of investors in the region.
U.S. crude confirmed slightly 107.33 dollars a barrel after data showed U.S. gasoline inventories plunged last week, and gold rose to 1,460 dollars per ounce while the U.S. dollar has held near a 16-month low against a basket of major currencies.
In the first quarter, Singapore's gross domestic product grew 23.5 percent quarter on quarter on a seasonally adjusted annualized, blowing past, even the most optimistic forecasts in a Reuters poll.
Singapore central bank has allowed an immediate increase in the value of its currency from the dollar to help fight against inflation, which it would probably remain high.
The Singapore dollar - currency of the world's 12 most actively traded - reached a record high of S $ 1.2452 per U.S. dollar before falling back closer to S $ 1.25.
New favorable growth in Singapore has helped temper losses in Asian stocks. Nikkei in Japan. N225 fell 0.6 percent, having earlier lost as much as 0.9 percent, while stocks elsewhere in Asia. MIAPJ0000PUS shed 0.3 percent.
Just Monday, the MSCI index of stocks of Asia-Pacific, excluding Japan, has struck near the summits of three years.
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