- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
- Gauff fights back to set up Beijing final against Muchova
- Guardiola claims Premier League won't delay season for Man City
- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
Most Asian markets drop as traders brace for Fed hike
Asia stocks mostly fell Tuesday as markets brace for a sharp US interest rate hike and similar moves by other central banks as they struggle to control inflation, with traders increasingly worried about another possible recession.
Surging prices, moves to tighten monetary policy, China's Covid lockdowns, the Ukraine war and a stronger dollar have come together in recent weeks to cause a massive headache for investors, sending them running to the hills.
All eyes are on the conclusion Wednesday of the Federal Reserve's two-day policy meeting, where it is expected to lift borrowing costs 0.5 percentage points for the first time since 2000.
However, while officials see a hawkish move as necessary to control 40-year high inflation while still allowing for economic growth, there is a growing unease that they could knock the fragile pandemic recovery off course and even cause a recession.
Meanwhile, the policy board is also expected to discuss offloading the trillions of dollars worth of bonds bought to help keep prices subdued in the past, a move known as quantitative easing.
"With a 50 basis point hike... all but certain, the (post meeting) press conference will provide important colour around the prospects of a soft landing, the neutral fed funds rate and balance sheet normalisation," said SPI Asset Management's Stephen Innes.
"One question on everyone's mind: Are 75 basis point increments on the table?"
Forecasts for a swift run-up in rates this year have hammered tech firms who are reliant on debt to fund growth, though dup-buying helped them record a much-needed gain Monday in New York.
However, Asian traders were unable to track the positive lead with liquidity thinned out by public holidays around the region.
Hong Kong returned from a long weekend break to lead the retreat, shedding more than two percent at one point before paring those losses, following a more than four percent surge Friday.
Sydney also fell ahead of an expected interest rate hike by the Reserve Bank of Australia later in the day, while Taipei and Wellington were also down. Still, Seoul edged up slightly.
Tokyo, Shanghai, Mumbai, Singapore and Jakarta were closed.
Investors are also reeling from a sharp slowdown in Chinese activity caused by lockdowns in key parts of the country including financial hub Shanghai, and strict containment in Beijing.
The measures, and leaders' refusal to shift from their zero-Covid policy, have hamstrung the world's number two economy and figures in other countries including the United States suggest they are now having a global impact.
The strife in China continues to weigh on oil prices owing to fears about the impact on demand from the biggest crude importer.
That has offset bets on a European Union ban on
Oil prices edged up as European Union chiefs discuss a possible embargo on shipments from Russia linked to its invasion of Ukraine.
A sanctions plan is being put together by the European Commission that could be put to member states Wednesday, sources, adding that the ban would be introduced over six to eight months to give countries time to diversify their supply.
- Key figures at around 0220 GMT -
Hong Kong - Hang Seng Index: DOWN 0.5 percent at 20,980.03
Tokyo - Nikkei 225: Closed for a holiday
Shanghai - Composite: Closed for a holiday
Euro/dollar: UP at $1.0524 from $1.0506 on Monday
Pound/dollar: UP at $1.2521 from $1.2489
Euro/pound: DOWN at 84.05 pence from 84.09 pence
Dollar/yen: DOWN at 130.05 yen from 130.16 yen
West Texas Intermediate: UP 0.3 percent at $105.46 per barrel
Brent North Sea crude: UP 0.3 percent at $107.90 per barrel
New York - Dow: UP 0.3 percent at 33,061.50 (close)
London - FTSE 100: Closed for a holiday
S.Pimentel--PC