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Asia shares slip after two days of gains

Hong Kong - Asian markets fell on Wednesday after two days of healthy gains, while investors also took their lead from Wall Street's retreat from record highs.

The dollar edged higher against the yen as a recent batch of upbeat data boosted confidence in the global economy, while the euro faced selling pressure ahead of an expected easing of monetary policy by the European Central Bank.

Tokyo was flat, Hong Kong eased 0.50%, Sydney slipped 0.25% and Shanghai was 0.19% lower. Seoul was closed for a public holiday.

Global markets started the week on the front foot in response to a marked improvement in manufacturing activity in China and the United States.

However, New York dealers took their cash off the table on Tuesday ahead of an ECB policy meeting and Friday's release of US jobs figures for May.

The Dow slipped 0.13% and the S&P 500 dipped 0.04% after both indices closed at records Monday. The Nasdaq eased 0.07%.

Sydney dipped despite figures showing a better-than-expected 1.1% increase in economic growth in the first three months of 2014, thanks to a sharp pick-up in mining exports.

In currency trades the dollar fetched ¥102.64 compared with ¥102.52 in New York.

The euro bought $1.3615 and ¥139.76 against $1.3627 and ¥139.73 after figures showed eurozone inflation slowed to 0.5% in May.

The news fanned expectations the ECB will unveil another round of monetary easing to fight off deflation when it holds its monthly policy board meeting on Thursday.

Oil prices edged higher. US benchmark, West Texas Intermediate for delivery in July gained 14 cents to $102.80 a barrel while Brent North Sea crude for July was up eight cents at $108.90.

Gold fetched $1 245.57 an ounce at 04:15 compared with $1 246.83 late on Monday in Europe.

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