Asian shares step back from New Year rally as trade concerns resurface

MSCI's broadest index of Asia-Pacific shares outside Japan swerved in and out of the red and was last a shade lower at 567.94, still in striking distance of a 10-year peak of 570.21 scaled on Thursday. Australian stocks climbed 0.35 percent and Japan's Nikkei rose 0.2 percent. South Korea's KOSPI slipped 0.4 percent.

TOKYO: The New Year rally in Asian shares ran out of steam on Thursday as concerns about the U.S. administration's protectionist stance hit Wall Street while U.S. bonds were dented by speculation China may curtail buying.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.1% in early trade, slipping further from Tuesday's 10-year peak. Japan's Nikkei lost 0.6%.