Asian Market Update

Asian shares stepped back on Friday and major currencies mostly stuck to late US levels as investors caught their breath, after Switzerland's unexpected move to abandon its currency cap jolted markets already roiled by plunging commodities prices.

The euro suffered its biggest one-day drop against the Swiss franc in history and skidded to an 11-year low against the US dollar after the Swiss National Bank (SNB) suddenly ditched its commitment to keep its franc above 1.20 per euro.