VENTURE CAPITAL POST

U.S. factory activity failed to gain steam in April after slowing for five straight months and demand for automobiles softened, suggesting the economy was struggling to find momentum after growth almost stalled in the first quarter.

After a very strong August the expansion in the U.S. manufacturing industry cooled a bit in September The Institute for Supply Management said the PMI slowed to 56.6 from 59 in August.

New orders for U.S. factory goods posted a record gain in July and auto sales last month accelerated to their highest level in 8-1/2 years, offering further bullish signals for the economy.

Asian shares inched lower early on Wednesday after a lackluster day on Wall Street, while the dollar was close to 14-month highs against a basket of major currencies after data underscored that the U.S. economy's modest expansion continues to chug along.