Asian Shares Give Up Early Gains To End Lower

(RTTNews) - Asian stocks ended mostly lower on Wednesday, failing to hold onto early gains after a three-day sell-off as investors awaited Nvidia earnings, the release of minutes from the Federal Open Market Committee meeting held on October 28-, and the delayed September jobs report.

The dollar index managed to hold ground amid fading hopes of Federal Reserve interest-rate cuts.

Gold ticked higher as risk-off mood in financial markets helped buoy safe-haven demand for the precious metal.

Oil prices fell on oversupply worries after industry data showed higher crude inventories in the United States.

China's Shanghai Composite index edged up by 0.18 percent to 3,946.74 as China successfully raised 4 billion euros in a bond sale that attracted record demand.

Hong Kong's Hang Seng index dipped 0.38 percent to 25,830.65, slipping for a fourth day running amid lingering concerns about artificial intelligence valuations and a deepening dispute between China and Japan.

Xiaomi plunged 4.8 percent after it warned of higher smartphone prices to due to surging memory chip costs.

Japanese markets fell for a fourth day as investors awaited Nvidia earnings for fresh insights into whether AI spending is delivering meaningful returns. Concerns over a sharp rise in Japanese government bond yields also weighed on markets.

The Nikkei average dropped 0.34 percent to 48,537.70 while the broader Topix index settled 0.17 percent lower at 3,245.58.

Among the top losers, silicon wafer manufacturer Sumco Corp slumped 6.3 percent and IC substrate giant Ibiden tumbled 4.1 percent.

Seoul stocks ended lower for a second consecutive session after a selloff in the world's biggest tech firms dragged global stocks to a one-month low.

The Kospi average fell 0.61 percent to 3,929.51, led by losses in major tech shares amid selling by foreign investors. Samsung Electronics declined 1.3 percent and SK Hynix gave up 1.4 percent.

Australian markets ended slightly lower after a range-bound session due to shifting expectations about future interest rate changes by the Reserve Bank of Australia.

The benchmark S&P/ASX 200 slid 0.25 percent to 8,447.90, with banks pacing the declines. The broader All Ordinaries index ended down 0.19 percent at 8,721.40.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index closed 0.12 percent lower at 13,326.90 as new data signaled a continued cooling in the rental market.

U.S. stocks ended deep in the red overnight to reach their lowest levels in a month due to worries about an AI bubble, dwindling rate cut hopes and investor anxiety about the economic outlook.

Home improvement retailer Home Depot forecast a steeper than expected drop in annual profit, raising concerns about the housing market and the health of the American consumer.

In economic releases, data showed the number of Americans claiming jobless benefits reached a two-month high in mid-October for the week concluding 18 October.

New orders for U.S. manufactured goods rebounded in August, though business spending on equipment was not as strong as initially thought.

The Dow dipped 1.1 percent and the tech-heavy Nasdaq Composite declined 1.2 percent while the S&P 500 dropped 0.8 percent to extend losses for a fourth straight session, marking its longest slide since August.