Asia shares slip after week's rallies

Hong Kong -  Asian shares slipped on profit-taking on Thursday following four strong sessions as a rally on Wall Street fizzled out, while Sydney suffered after data showed Australian unemployment at a 10-year high.

With few catalysts to drive trade, investors took a breather ahead of the release of fresh data from the United States and China.

Tokyo fell 0.67% and Shanghai dipped 0.14%, Hong Kong eased 0.35%, Sydney lost 0.10% and Seoul was flat.

Global markets have so far enjoyed a positive week after a tumultuous January caused by the US Federal Reserve's decision to reduce its stimulus programme for a second time in two months.

The gains came despite Friday's below-forecast US jobs data, with buying given extra support Wednesday from a report showing a huge surge in Chinese exports last month.

The China figures were welcomed after a string of disappointing news, including contracting manufacturing activity, that have indicated a slowdown in the world's number two economy.

Market players will be looking to the release in Beijing on Friday of inflation data.

Sydney shares were hit after the Australian Bureau of Statistics said the jobless rate rose to 6.0% in January - its worst level since July 2003 - from 5.8% in December.

The rise comes as the government struggles to manage a bumpy economic transition from a decade-long Asia-led mining investment boom.

It also follows the news earlier in the week that Japanese auto giant Toyota, the last car maker in the country, will close its Melbourne plant in four years, sounding the death knell for the Australian car industry.

On Wall Street a four-day winning streak came to an end for the Dow and S&P as investors took their cash off the table ahead of retail sales figures and unemployment benefit claims.

The Dow lost 0.19% and the S&P 500 dipped 0.03% but the Nasdaq rose 0.24%.

In currency trades the dollar was at ¥102.35 against¥ 102.50 in New York on Wednesday afternoon.

The euro bought $1.3609 and ¥139.30 compared with $1.3593 and ¥139.33 in US trade.

On oil markets New York's main contract West Texas Intermediate for March delivery was down 18 cents at $100.19 and Brent North Sea crude for March eased 8c to $108.71.

Gold fetched $1 291.40 an ounce at 02:20 GMT compared with $1 287.42 late on Wednesday.