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FINANCIAL MARKET REVIEW FOR NOVEMBER 13, 2017 In the first session of the Asian markets this week, Asian shares stepped back in cautious trade on Monday as investors look to see whether U.S. Republicans can hammer out a tax reform deal quickly, while the British pound fell on growing doubts over Prime Minister Theresa May’s leadership. Tokyo's benchmark Nikkei dropped 0.9 percent, bringing down MSCI's Asia-Pacific Index . 0.5 percent. Excluding Japan, shares in the region .MIAPJ0000PUS were down just 0.1 percent, with mainland Chinese shares .CSI rising as much as 0.6 percent to two-year highs. The S&P 500 index .SPX had ended its eight-week winning streak By Friday's Wall Street close as investors took their profits after U.S. Senate Republicans had unveiled a new tax plan that differed from the House of Representatives' version. Moving to the currency markets, The euro traded at $1.1647, down slightly after showing its first weekly gain in four weeks last week. The dollar fetched 113.42 yen , more than a full yen below its near seven-month high of 114.735 yen touched a week ago. The British poundcame under renewed pressure, slipping 0.5 percent to $1.3120 after the Times newspaper reported on Sunday that 40 Conservative lawmakers had agreed to sign a letter of no confidence in May. The pound slipped early on Monday as troubles mounted for British Prime Minister May, with a report that 40 Conservative MPs are readying a leadership challenge, while Brexit talks face a crucial deadline. Sterling was last down 0.55 percent at $1.3120, pulling away from an eight-day peak of $1.3229 scaled on Friday on better-than-expected data on British industry. There were some headlines released over the weekend that were negative for prime minister May, and the market began the week by digesting the reports and then sending the pound lower The Sunday Times reported over the weekend that 40 members of parliament from British May’s Conservative Party have agreed to sign a letter of no-confidence in her. Also, Brexit minister David Davis said on Sunday that Britain will not offer a figure or a formula for how much it believes it owes the European Union, highlighting the lack of progress plaguing the divorce negotiations. Elsewhere, the Australian dollar lost 0.05 percent to $0.7655 to edge back towards a 3-1/2-month low of $0.7625 marked at the end of October. The currency has come under pressure with its yield buffer over the greenback shrinking to its narrowest since 2001. The market has pushed out the prospect of a rate hike in Australia, while almost fully pricing in a U.S. rise for December and at least one more next year. Finally in the commodity market, Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output. Brent crude futures were at $63.57 per barrel , up 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.78 per barrel, up 4 cents. Traders said crude prices were generally well supported as ongoing output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have contributed to a significant reduction in excess supplies that have been dogging markets since 2014. View our full economic calendar for a daily roundup of major economic events.