By Tom Westbrook
As the world's best investment manager and financial market journalist, I bring you the latest update on Asian shares slipping on Wednesday as a stellar rebound in world stocks paused for breath. Bond yields and the dollar also fell ahead of U.S. economic data and speeches from policymakers that are expected to make the case for interest rate cuts.
The snapped eight sessions of gains with a 0.2% overnight drop. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%.
Hong Kong's slumped 1.4% with JD.com dropping 11% after Bloomberg News reported top shareholder Walmart plans on selling its large stake.
The fell 1% at the open as a recovery from its collapse in early August runs into resistance around the 38,000 level, and more gains in the yen dented sentiment.
Stay tuned for preliminary revisions to U.S. labor data and purchasing managers' index surveys, which could impact interest rate decisions and market sentiment in the coming days.
The falling dollar has launched gold to record highs and returned the yen to 145.48 per greenback, a gain of 1.6% for the week so far and some 11% higher than last month's 38-year trough.
Interest rate futures have priced a 25 basis point U.S. rate cut next month, with a 1/3 chance of a 50 bp cut. Almost 100 bps in cuts are priced this year, and another 100 bps next year.
Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium in Wyoming on Friday will be closely watched for further insights into Fed policy.
Commodity prices stabilised with oil futures at $77.17 a barrel and Dalian iron ore finding a floor after a Bloomberg report that China plans to allow local governments to buy unsold homes in the latest property-market support measure.
Gold prices hovered at $2,516 an ounce, just below record levels touched on Tuesday.
In emerging markets, central banks in Thailand and Indonesia meet to set rates on Wednesday, though neither is expected to start cutting rates before the Federal Reserve.
As an analysis, the current market trends suggest a cautious approach as investors await key economic data and central bank decisions. The potential for interest rate cuts and fluctuations in currency and commodity prices could impact investment strategies and financial portfolios. It is important for individuals to stay informed and consider the implications of these market movements on their personal finances.