- 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
- Israel widens Lebanon strikes as troops fight Hezbollah along border
- Bowlers' graveyards: Pakistan's placid pitches under fresh fire
- 'Little Gregory' murder haunts France 40 years on
- Vietnam, China to expand rail links, cross-border payments
- Americans get their belief back as Pochettino makes his mark
- Vietnam, China to boost economic, defence cooperation
- Winning start for Pochettino's American adventure
- Tariffs, tax cuts, energy: What is in Trump's economic plan?
- Amazon wants to be everything to everyone
No new year bounce for stocks, even as traders eye rate cuts
Asian markets were mixed Tuesday as most traders returned from the New Year break looking forward to a 2024 that is expected to see a series of Federal Reserve interest rate cuts, but to also be full of economic and political uncertainty.
After a blockbuster run in the past two months, Wall Street stuttered last week, though analysts are hopeful for another surge as US monetary policy eases.
The next few days will provide fresh insight into the outlook for rates, with the release of minutes from the Fed's December meeting, followed by jobs creation data.
Indications from the bank that it would cut rates three times next year have lit a fuse under equities with inflation and recession fears giving way to hopes for a strong period ahead.
"There remains an increasing belief that Fed rate cuts, which have bullishly marked all capital market trends in the last eight weeks, are still fully ingrained in stock market sentiment," said SPI Asset Management's Stephen Innes.
"While a stronger-than-expected jobs report could shake this conviction, a reversal would require a resurgence in realised inflation, triggering a significantly more assertive hawkish stance from (Fed boss Jerome) Powell and other key figures to discourage March or May rate cuts bets."
He added that there was a question on how investors would reconcile the difference between market expectations of 150 basis points of cuts and the Fed's forecast of 75.
Despite the upbeat outlook on rates, Asian markets started the year with little fanfare, with Hong Kong and Shanghai extending their 2023 losses.
Traders were unmoved by a speech by Chinese President Xi Jinping in which he said the economy had become "more resilient and dynamic".
Observers warned that while Beijing has pledged a series of measures to kickstart growth, much more was needed to instil confidence, particularly regarding the property sector.
There were also losses in Mumbai, Singapore and Taipei, though Sydney, Seoul, Manila, Bangkok and Jakarta rose.
Tokyo was closed for a holiday though investors are keeping an eye on developments in Japan, a day after a huge earthquake that Prime Minister Fumio Kishida said caused "extensive" damage and numerous casualties.
All tsunami warnings from that quake were lifted on Tuesday.
Oil prices jumped more than one percent after Iran dispatched a warship to the Red Sea in response to the US Navy's destruction of three Huthi boats.
Tehran's move comes with tensions still high in the waterway, where the Yemen rebels have launched attacks on several international container ships, causing some firms to stop using it and fuelling worries about supplies.
However, a number of shipping companies have resumed transit following efforts by a US-led naval coalition to police the maritime route.
Bitcoin broke $45,000 for the first time since April 2022 on optimism that the United States will give the go-ahead to an exchange-traded fund for the asset.
- Key figures around 0700 GMT -
Hong Kong - Hang Seng Index: DOWN 1.8 percent at 16,747.38
Shanghai - Composite: DOWN 0.4 percent at 2,962.28 (close)
Tokyo - Nikkei 225: Closed for a holiday
Dollar/yen: UP at 141.49 yen from 141.01 yen
Euro/dollar: DOWN at $1.1034 from $1.1040
Pound/dollar: DOWN at $1.2730 from $1.2738
Euro/pound: UP at 86.65 pence from 86.63 pence
West Texas Intermediate: UP 1.8 percent at $72.94 per barrel
Brent North Sea Crude: UP 2.0 percent at $78.58 per barrel
New York - Dow: DOWN 0.1 percent at 37,689.54 (close)
London - FTSE 100: UP 0.1 percent at 7,733.24 (close)
O.Johnson--AMWN