- 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
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- 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
- US firms brace for more tariffs as election approaches
- Winning start for Poch's American adventure
- Morocco's tribeswomen see facial tattoo tradition fade
- Centre-left set to win as pro-Ukraine Lithuania votes
- Colombia guerilla group urges delegations not to attend COP16 in Cali
- Pakistan frets over security ahead of SCO summit
- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
Asia tracks global losses as stock traders step back after rally
Asian markets fell Wednesday in line with a sell-off across most of the world as traders took their cash off the table after a blockbuster end to 2023, with eyes now on the release this week of Federal Reserve minutes and US jobs data.
Equities surged in the last two months of last year on expectations the US central bank will slash interest rates several times this year as inflation comes down, the labour market softens, and the economy heads towards a soft landing.
However, analysts had warned that the rally was going a little too far and investors should prepare for a pullback, with tech titans such as Apple and Amazon likely to take a hit.
"The most common concern or belief we have heard from investors is that overbought conditions and euphoric sentiment will set up for a reversal to start 2024 in both bond yields" and stocks, Dennis DeBusschere, of 22V Research, said.
"The overbought conditions and sentiment readings are tough to argue with."
On Wall Street, the Nasdaq slumped 1.6 percent and the S&P 500 was also in the red, though the Dow enjoyed a small gain.
And the negative mood continued in Asia, where Hong Kong, Sydney, Seoul and Taipei were among the biggest losers, while Singapore, Wellington, Manila and Jakarta were also down.
Shanghai, however, edged up.
The first major releases of the year come this week, with minutes from the Fed's December policy meeting due later Wednesday, providing investors with a fresh snapshot of officials' thinking with regards the rates outlook.
The post-meeting statement had indicated three cuts this year, though market participants are tipping far more.
On Friday the closely watched non-farm payrolls figures will come in, which lay out how the economy is faring after the Fed ramped borrowing costs to a 22-year high to slay inflation.
Bank boss Jerome Powell has said tempering the jobs market was crucial in the fight against prices, though data in recent months has shown inflation coming down even as labour demand remains high, suggesting the economy is holding up well.
And International Monetary Fund boss Kristalina Georgieva said she was optimistic the Fed will be able to deliver an economic soft landing.
The bank's actions have "brought the desired impact without pushing the economy into recession", she told Christiane Amanpour on CNN International. "Where the US economy is today, definitely a soft landing."
Developments in China are being closely followed after reports that Beijing had removed a top gaming industry official involved in planned curbs on the sector that caused a multi-billion-dollar rout in the country's tech giants.
The draft restrictions published by the government regulator said they were aimed at limiting in-game purchases and preventing obsessive gaming behaviour.
- Key figures around 0230 GMT -
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 16,625.19 (close)
Shanghai - Composite: UP 0.06 percent at 2,964.19
Tokyo - Nikkei 225: Closed for a holiday
Dollar/yen: UP at 142.03 yen from 141.99 yen on Tuesday
Euro/dollar: UP at $1.0952 from $1.0946
Pound/dollar: UP at $1.2629 from $1.2621
Euro/pound: UP at 86.72 pence from 86.70 pence
West Texas Intermediate: DOWN 0.1 percent at $70.32 per barrel
Brent North Sea Crude: DOWN 0.1 percent at $75.80 per barrel
New York - Dow: UP 0.1 percent at 37,715.04 points (close)
London - FTSE 100: DOWN 0.2 percent at 7,721.52 (close)
Y.Kobayashi--AMWN