HONG KONG: Asian shares failed to latch on to a global record-setting rally on Friday, held back by Chinese property stocks, while the dollar stood tall following a week in which central banks around the world refrained from any hawkish surprises.
The U.S. currency made solid strides against sterling, which took a beating after the Bank of England confounded markets by passing up a chance to raise interest rates on Thursday.
The world benchmark was flat in Asian hours, while U.S and European futures were steady, with pan-region Euro Stoxx 50 futures gaining 0.08% and U.S. S&P 500 e-minis unchanged. Back in Asia, Hong Kong weighed on the regional index, falling 1.25%, pressured by index heavyweight HSBC as the rate sensitive bank's shares tumbled 5%, hurt by the BoE's dovish call, as well as by property stocks.
On Friday, the pound was nursing its wounds near a month low having tumbled 1.36% the previous day following the central bank's decision, which also roiled bonds in Britain and across Europe more broadly.
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