Asian markets suffer profit-taking after one week's rally

Asian markets were mostly lower on Friday as traders cashed in profits after a week of upbeat data out of China and rising hopes for the future of the eurozone.Investors did not seem to be immediately moved by news out of Europe that leaders had reached a deal on banking union within the trading bloc.Tokyo eased 0.47 percent, Hong Kong was flat, Sydney fell 0.15 percent, Shanghai was 0.15 percent off and Seoul lost 0.91 percent.Traders took a breather after regional markets enjoyed a strong rally this week following data from China indicating the worlds number two economy may have bottomed out, while woes in Spain and Greece also looked to have eased.China said Thursday its economy grew in the third quarter at its slowest pace since early 2009, but it was in line with expectations while other indicators pointed to an upturn in the next three months.That followed figures at the weekend showing exports surged in September.In Europe a decision by Moodys not to downgrade Spains credit rating, and reports that Madrid was edging closer to asking for rescue money, lifted confidence that the regions debt crisis was being addressed.Talks between Greece and its international creditors on giving the country more time to implement much-needed reforms also looked to be progressing.An on Friday in Brussels European leaders vowed to set up a banking union throughout 2013, with diplomats saying a final summit statement would commit EU states to agreeing on a supervisor for eurozone lenders by the end of the year.And a French government source said the European Central Bank would be tasked with supervising all of the 6,000 eurozone banks, but that its role would only come into effect from the beginning of 2014.The slow pace of implementation was seen as a weakness in the plan, which had no real effect on Asian shares Friday.On currency markets the euro remained strong after a week of gains. In early Tokyo trade it bought $1.3070 and 103.74 yen, compared with $1.3067 and 103.60 yen in New York late Thursday.The dollar was at 79.38 yen against 79.28 yen.Oil prices rose, with New Yorks main contract, light sweet crude for delivery in November up five cents to $92.15 a barrel while Brent North Sea crude for delivery in December was unchanged at $112.42.Gold was at $1,742.40 at 0200 GMT compared with $1,743.40 late Thursday.