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#Business : Asian stocks retreat after President Trump rally

Asian investors took a breather Tuesday after a three-day rally but analysts said there was likely more fuel in the tank for further gains as traders bet Donald Trump will help fire the US economy. 

Markets around the world last week resumed their Trump rally after the tycoon promised to unveil details of tax reform, while also softening his stance against key trade partners China and Japan.

While most markets across Asia were in the red on Tuesday, there was some support from data showing a surge in Chinese factory gate prices, indicating further pick-up in the world's number-two economy.

By the break in Tokyo, the Nikkei index was down 0.2 percent.

Hong Kong slipped 0.3 percent and Shanghai shed 0.1 percent as early profit-taking overshadowed news that the producer price index hit 6.9 percent in January -- its highest level since 2011. The PPI is closely watched as a guide to future consumer prices. The consumer price index also improved, rising 2.5 percent.

There are hopes the rise in inflation will help put upward pressure on prices around the world, fuelling much-needed inflation to help spur the global economy.

In other markets Seoul slipped 0.1 percent and Singapore was off one percent but Sydney added 0.4 percent.

The losses came despite another record close on Wall Street and healthy gains in Europe, where dealers cheered an upward revision of eurozone growth for this year and next.

However, Greg McKenna, chief market strategist at CFD and FX provider AxiTrader, said in a note that confidence was rising and dealers were putting "faith in Donald Trump?s ability to deliver and implement his transformative policies for the US economy?.

He added that "traders are betting his focus is back on the positive aspects of the tax, regulatory, and growth aspects of his policy platform".

Focus now turns to Federal Reserve boss Janet Yellen's two-day grilling in Congress that starts later Tuesday. Her testimony will be pored over for clues about the central bank's monetary policy plans, hoping she will shed light on when it will next lift interest rates. 

Janet Yellen

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 0.2 percent at 19,427.82 (break)

Hong Kong - Hang Seng: DOWN 0.3 percent at 23,647.94

Shanghai - Composite: DOWN 0.1 percent at 3,212.89

Euro/dollar: UP at $1.0600 from $1.0597

Pound/dollar: DOWN at $1.2520 from $1.2525

Dollar/yen: DOWN at 113.57 yen from 113.77 yen

Oil - West Texas Intermediate: UP 16 cents at $53.09 per barrel

Oil - Brent North Sea: UP 20 cents at $55.79

New York - Dow: UP 0.7 percent at 20,412.16 (close)

London - FTSE 100: UP 0.3 percent at 7,278.92 (close)
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