- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
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Most Asian markets down as Fed prepares latest hike
Stocks fell Wednesday as recession fears returned to the forefront of traders' minds ahead of an expected Federal Reserve interest rate hike later in the day.
The selling followed a steep drop on Wall Street fuelled by concerns that four-decade high inflation and rising borrowing costs were keeping Americans from spending, and pushing the economy towards a recession.
That was backed up by a profit warning by retail titan Walman and a closely watched consumer confidence gauge sinking for the third month in a row.
And the International Monetary Fund slashed its global growth forecasts, warning the US economy would likely shrink.
There had been hope that a recent rally across markets indicated the long-running sell-off may have come to an end, and that signs of an economic slowdown could allow the Fed to ease off its tightening by next year and start cutting rates in 2023.
But observers warned there was still a lot of volatility to come as the bank was still hiking, prices were soaring, Russia's war in Ukraine showed no sign of ending and China was still battling Covid with lockdowns.
"The Fed hasn’t even gotten to neutral yet," Jason England, of Janus Henderson Investors, told Bloomberg Television.
"For them to start easing already or for them to start seeing eases priced in is, I think, a little premature."
All eyes are now on the Fed meeting, which concludes Wednesday and is followed Thursday by second-quarter economic growth figures.
While officials are widely tipped to announce a second successive three-quarter point increase, the main focus will be their outlook for the economy and clues about future moves as it begins to falter.
"Markets are pricing at a slower pace of tightening before the Fed pivots to an easing stance in 2023," said SPI Asset Management's Stephen Innes.
"However, Fed Chair Jerome Powell has been pushing back against a recession outcome while highlighting an outsized focus on combating inflation."
After a drop on Wall Street, most of Asia gave back a large chunk of Tuesday's rally.
Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Manila and Jakarta were all in the red, though Tokyo, Jakarta and Wellington eked out gains.
But US futures rallied after healthy earnings releases from tech titans, including Microsoft and Alphabet, soothed some worries about the consumer.
Oil prices fluctuated as recession worries were offset by data showing a big drop in US stockpiles, which pointed to strong demand at a time when supplies remain weak.
- Key figures at around 0230 GMT -
Tokyo - Nikkei 225: UP 0.1 percent at 27,692.89 (break)
Hong Kong - Hang Seng Index: DOWN 1.2 percent at 20,659.18
Shanghai - Composite: DOWN 0.3 percent at 3,268.76
Euro/dollar: UP at $1.0146 from $1.0126 Tuesday
Pound/dollar: UP at $1.2051 from $1.2030
Euro/pound: UP at 84.19 pence from 84.09 pence
Dollar/yen: UP at 137.02 yen from 136.95 yen
West Texas Intermediate: FLAT percent at $94.96 per barrel
Brent North Sea crude: DOWN 0.2 percent at $104.22 per barrel
New York - Dow: DOWN 0.7 percent at 31,761.54 (close)
London - FTSE 100: FLAT at 7,306.28 (close)
C.Smith--CPN