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Asian shares extend global sell-off on fading US rate cut hopes - superadmin - 01-03-2024 SYDNEY: Asian shares extended a global sell-off on Wednesday while the dollar held gains as market optimism about early and aggressive US interest rate cuts ebbed ahead of the release of Fed minutes and jobs data. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1% after a 1.0% drop the previous day in a sluggish start of the new year. Japan markets remain shut for a holiday. South Korean shares slid 1.8%, Australia’s resources heavy stocks declined 1.1%, while Hong Kong’s Hang Seng index fell 1%, driven by a 1.5% plunge in technology shares. “Risk assets struggled a tad yesterday, and that makes a degree of sense given the complicated back story, and the remarkable rally seen into year end,” said Padhraic Garvey, regional head of research, Americas, at ING. “While a one-day move cannot be simply extrapolated, there are reasons to be a tad concerned on the risk front at this early phase of 2024. Geo-political concerns have not abated, and in fact if anything are elevating.” - More -