- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
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Markets retreat after rally, oil dips but Middle East worries linger
Asian markets slipped Tuesday following a tepid day on Wall Street as traders took a breather from a recent rally fuelled by bets on a US interest rate cut, while oil eased from a surge caused by Middle East tensions.
A string of supportive data in recent weeks and comments from top Federal Reserve officials have helped push equities higher in August after starting the month in turmoil on fears of a US recession.
Fed boss Jerome Powell confirmed in a much-anticipated speech Friday that the time had come to begin lowering borrowing costs from their two-decade highs as inflation slows to the bank's two percent target and the labour market softens.
Talk is now centred on how much the Fed will cut next month, and how far it will go afterwards.
Powell was followed Monday by the head of the San Francisco Fed, Mary Daly, saying it was "hard to imagine" not cutting next month while Richmond chief Thomas Barkin indicated he supported "dialling down".
Still, that was not enough to help traders build on their gains, with eyes now on the release of several data points while geopolitical concerns act as a drag on sentiment.
"Right now, market participants are likely to focus on the state of the US economy in line with the Fed's interest rate cut cycle on whether the Fed is late in the game of enacting its interest rate cuts and the potential impact on risk assets," said OANDA's Kelvin Wong.
"Any leading economic data and labour market conditions... that indicate a deterioration in growth and employment may trigger another similar risk-off episode.
"If such a scenario occurs, the Fed may be forced to embark on larger interest rate cuts."
- Eyes on Nvidia -
Among the key US indicators due this week are the personal consumption expenditure (PCE) index -- the Fed's preferred gauge of inflation -- gross domestic product, personal income, spending, and consumer sentiment.
The crucial non-farm payrolls report -- a big miss that helped cause a market rout at the start of the month -- is up next week.
Meanwhile, chip titan Nvidia is due to release its latest earnings, which will be pored over for an idea about demand for artificial intelligence after a surge this year in firms linked to the technology.
On Wall Street, the Dow edged up but the S&P 500 and Nasdaq ended in the red.
And Asia fared little better, with Tokyo, Hong Kong, Shanghai, Seoul Singapore, Sydney, Wellington and Taipei all slipping.
Crude prices eased slightly but held most of Monday's gains of at least three percent that came on concerns the Middle East crisis could spiral.
Sunday's exchange of fire between Lebanon's Hezbollah and Israel has ramped up fears that Iran could get involved, sparking a wider regional conflict.
Traders were also jolted by news that the eastern-based administration in oil-rich Libya will close fields under its control and suspend production and exports "until further notice".
"A mix of geopolitical tensions, volatile oil prices, and mixed economic data has created a complex and uncertain backdrop for global financial markets," said Luca Santos of ACY Securities.
"While the initial response has been one of caution, the evolving nature of these risks means that market conditions could change quickly."
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.1 percent at 38,055.62 (break)
Hong Kong - Hang Seng Index: DOWN 0.5 percent at 17,706.71
Shanghai - Composite: DOWN 0.3 percent at 2,848.45
Dollar/yen: UP at 144.71 yen from 144.53 yen on Friday
Euro/dollar: UP at $1.1169 from $1.1166
Pound/dollar: UP at $1.3192 from $1.3184
Euro/pound: UP at 84.66 pence from 84.64 pence
West Texas Intermediate: DOWN 0.5 percent at $77.07 per barrel
Brent North Sea Crude: DOWN 0.4 percent at $81.14 per barrel
New York - Dow: UP 0.2 percent at 41,240.52 (close)
London - FTSE 100: Closed for a holiday
D.Sawyer--AMWN