Reginal markets succumbed to selling pressure today after U.S. stocks slipped Tuesday, closing 2024 with an uncharacteristic down note after a roaring year of trading.
The S&P 500 and Nasdaq 100 indexes dropped for a fourth consecutive session in a year-end pullback amid concerns about rising bond yields and expectations of higher interest rates.
The dollar index held near multi-year highs in Asian trade after gaining over 2.5 percent in December.
Gold nudged higher as traders await clarity on the Federal Reserve's rate trajectory and U.S. President-elect Donald Trump's fiscal and tariff policies.
Oil held year-end gains, with Brent crude futures nearing $75 a barrel after industry data showed that U.S. oil inventories declined last week.
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Chinese and Hong Kong markets fell sharply amid much uncertainty about the outlook for U.S.-China relations in the New Year. It is feared that bilateral relations may quickly plunge to a new low during Trump's second term.
Meanwhile, underwhelming Chinese factory activity data also signaled a rocky economic outlook and increased calls for further policy support.
The Caixin/S&P Global manufacturing PMI for China nudged down to 50.5 in December from 51.5 the previous month, undershooting analysts' forecasts.
China's Shanghai Composite index tumbled 2.66 percent to 3,262.56 amid mounting uncertainties stemming from the overseas economic environment and global trade.
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