- Lyon and Chelsea stay perfect in Women's Champions League
- Another clean sheet for Onana as E. Guinea, I. Coast qualify
- From 'Little Marco' to 'Mr Secretary': Rubio shows Trump China push
- Sri Lanka president eyes parliament win in snap election
- New York drought conditions fan flames, spur water saving
- Football 'world order' is changing, says Brazil coach
- Maiden century by Varma gives India unbeatable series lead
- Buy now, pay later: Latin America pressured by Chinese online shops
- Republicans complete power takeover with House majority
- Kane disappointed by England Nations League withdrawals
- Trump victory signals golden era for crypto industry
- 'First Buddy': Musk takes unusual star role with Trump
- Workers stage walkout at US maker of Fallout video game
- England will not change 'DNA' against South Africa, says Slade
- Biden, Xi to meet in Peru on Saturday: US official
- Spurs coach Popovich suffered 'mild stroke', says NBA team
- 'Very humiliating': Bangladesh's Yunus seethes over climate cash fight
- 'Welcome back': Trump, Biden shake hands in White House
- Tech's green wave hits choppy waters
- Fernandes hopes Amorim can 'change the energy' at Man Utd
- Trump, Biden shake hands in White House, vow smooth transfer
- Gatland battling 'pain' during tough Wales rebuild
- COP29 fight for climate money 'humiliating': Bangladesh's Yunus
- McIlroy aims for glory on happy hunting ground in Dubai
- Spain evacuates thousands in fresh flood alarm
- US death row inmate stages jazz protest for release in London court
- Germany's embattled Scholz trades blows with rivals as election looms
- Alcaraz beats Rublev to open ATP Finals account
- 'I had to gather my strength': Ukrainians abroad sign up to fight
- 'Legend' Healy set to equal O'Driscoll record against Pumas
- Record stand propels Sri Lanka to 324-5 against New Zealand
- US consumer inflation rises in October on higher housing costs
- S.Africa football chief arrested on fraud, theft charges
- UK's The Guardian stops posting on 'toxic media platform' X
- Berlin's creatives rally against arts funding cuts
- Barca's Fati sidelined with hamstring injury
- Heavy rains lash Spain after deadly floods
- India delivery app Swiggy shares gain on market debut
- Performance not results counts for Pumas coach Contepomi
- No end in sight to Sudan war as both sides seek 'decisive' win
- Demands for Church of England reform after abuse scandal
- Russia launches drone, missile barrage on Kyiv
- Iran hangs man 'for second time' after previous execution halted: NGO
- US vows 'firm' response to N.Korea deployment in Ukraine conflict
- Airlines ground Bali flights after volcano erupts
- Indonesians drill for disaster before tsunami anniversary
- Journalist says his detention removed Guatemala's 'mask of democracy'
- Triumphant Trump returns to White House to meet Biden
- Nearly half of tropical coral species face extinction: report
- Stark warning on emissions as leaders split on climate goals at COP29
Asian markets stutter with focus on China as Trump picks team
Traders struggled Tuesday to bounce back from the previous day's losses in most markets sparked by disappointment over China's economic support measures, while keeping tabs on the United States as president-elect Donald Trump builds his cabinet.
The tepid start to the day came despite another record close on Wall Street, fuelled by expectations that Trump will push through promised business-friendly policies and hopes that his administration will be pro-crypto, which saw bitcoin push to a new record close to $90,000.
While US investors are gearing up for another strong four years as Trump cuts taxes and eases regulations, their Asian counterparts -- particularly in China -- are keeping a wary eye on developments amid fears of another debilitating trade war.
Beijing's failure to announce any new stimulus at Friday's much-anticipated news conference has dampened sentiment on trading floors this week, taking the wind out of investors' sails after a raft of measures unveiled at the end of September fuelled a market rally.
However, some observers said the decision may have been down to Chinese officials keeping their powder dry in order to react to the impacts caused by any Trump measures, such as tariffs.
Asian markets mostly fell in early exchanges with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei and Manila all lower, while Tokyo and Wellington edged up.
The dollar extended gains against its peers that started after news of Trump's election, which has sparked bets on a pick-up in inflation that could complicate the Federal Reserve's plans to lower interest rates.
US consumer price index data due Wednesday will be closely watched as investors try to ascertain the bank's plans for next month's monetary policy meeting.
"We assume the Trump administration will deliver on their key policy proposals with the degree and timing of these policies the bigger uncertainty," said National Australia Bank's Rodrigo Catril.
"Most of these policies (lower taxes, tariffs, immigration, deregulation, unfunded expansionary fiscal policy) can be regarded as pro- growth and or inflationary.
"This means, all else equal, a shallower Fed easing cycle and a stronger dollar."
With Trump due to return to the White House in just over two months' time, a big question on investors' minds is when he will embark on his trade agenda.
"Wall Street is tentatively banking on a late 2025 or early 2026 timeline, allowing his team time to attempt diplomacy before reaching for the tariff stick," Stephen Innes, managing partner of SPI Asset Management, said.
"But word on the street hints that Trump could fast-track his tariff push, possibly leaning on current trade data from China to justify earlier action. And with China’s trade surplus on track to hit record highs this year, that showdown may not be too far off."
In the crypto sphere, bitcoin hit a peak just above $89,599, putting it well within range of the key $100,000 marker.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 0.5 percent at 39,748.13 (break)
Hong Kong - Hang Seng Index: DOWN 0.5 percent at 20,330.82
Shanghai - Composite: DOWN 0.1 percent at 3,467.69
Dollar/yen: UP at 154.00 yen from 153.81 yen on Monday
Euro/dollar: DOWN at $1.0645 from $1.0648
Pound/dollar: DOWN at $1.2855 from $1.2872
Euro/pound: UP at 82.80 pence from 82.73 pence
West Texas Intermediate: UP 0.2 percent at $68.19 per barrel
Brent North Sea Crude: UP 0.2 percent at $71.96 per barrel
New York - Dow: UP 0.7 percent at 44,293.13 (close)
London - FTSE 100: UP 0.7 percent at 8,125.19 (close)
G.M.Castelo--PC