- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
Markets mixed after Wall St losses as Fed rate rally pauses
Stock markets were mixed Thursday as investors took their foot off the gas after an extended rally fuelled by expectations the Federal Reserve will slash interest rates next year.
A stream of data in recent weeks has shown inflation continues to slow and the jobs market is softening, while other economic indicators suggest the central bank is on course to bring prices under control while averting a recession.
The latest figures on Wednesday showed US consumer confidence bouncing back more than forecast, while home sales came off a 13-year low.
Eyes are now on the release Friday of the personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation, which could be key in the bank's decision-making at its next meeting in January.
The most recent gathering ended with officials indicating they would cut about three times in 2024, sparking a buying frenzy in markets and forcing some policymakers to try to temper expectations.
The data could "hold the crucial tarot cards likely to steer market dynamics into year-end and beyond", said SPI Asset Management's Stephen Innes.
"An upside surprise in the figures is crucial to bolster the credibility of the Federal Reserve's efforts to push back against market rate cut expectations. Failure to see an upside surprise could challenge the Fed to counter expectations of a rate cut in March.
"In such a scenario, risk assets could rebound, and the year-end rally would likely regain momentum."
The upbeat data was not enough to stop investors taking their cash off the table, with observers saying a pullback was inevitable after such a strong rally.
"It certainly looks like it has become very one-sided, and it is a scary world when everybody gets on one side of the boat," said Cameron Dawson of Newedge Wealth.
"The market is very extended, we do see it being very overbought. But we’re in this melt-up period and so oftentimes things can get even sillier before they really do have a pullback," he told Bloomberg Television.
Wall Street's three main indices lost more than one percent apiece, with the Dow coming off five straight records.
And Asia followed suit in the morning but fared better in the afternoon
Tokyo, Sydney, Seoul, Taipei, Jakarta and Manila retreated but. Shanghai, Hong Kong, Singapore, Mumbai, Bangkok and Wellington eked out gains.
London, Frankfurt and Paris opened lower.
In corporate news, Toyota fell four percent in Tokyo -- having dropped more than five percent at one point -- after subsidiary Daihatsu said Wednesday it will suspend shipments of all car models in Japan and abroad following news it had rigged safety tests.
The news got worse for the world's biggest carmaker later in the day when it said it was recalling around a million Toyota and Lexus vehicles in the United States, citing concerns about their airbag systems.
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: DOWN 1.6 percent at 33,140.47 (close)
Hong Kong - Hang Seng Index: FLAT at 16,621.13 (close)
Shanghai - Composite: UP 0.6 percent at 2,918.71 (close)
London - FTSE 100: DOWN 0.3 percent at 7,690.65
Dollar/yen: DOWN at 143.24 yen from 143.63 yen on Wednesday
Euro/dollar: UP at $1.0948 from $1.0941
Pound/dollar: UP at $1.2642 from $1.2633
Euro/pound: UP at 86.60 pence from 86.59 pence
West Texas Intermediate: DOWN 0.2 percent at $74.10 per barrel
Brent North Sea crude: DOWN 0.1 percent at $79.61 per barrel
New York - Dow: DOWN 1.3 percent at 37,082.00 (close)
M.A.Colin--AMWN