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Overnight Markets: Wall Street down on Fed bets amid budget talks

by Himanshu Singh on Dec 11, 2013 at 05:20

General Motors Co (GM.N) stock fell 1.2% after the automaker said chief executive Dan Akerson will step down next month.

In the financial sector, Goldman Sachs Group Inc. added 1.2% as federal agencies approved the Volcker rule to limit proprietary trading.

In Asia, shares declined on Wednesday in late morning trade as investors weighed the timing of a reduction in the Fed’s unprecedented stimulus.

The MSCI Asia Pacific Index slid 0.3% to 140 as of 10:49 a.m. in Hong Kong. Japan’s Topix index dropped 0.4% today as the yen strengthened from the close of equity markets yesterday in Tokyo. Australia’s S&P/ASX 200 Index fell 0.3%, with BHP Billiton retreating 1.6%.

New Zealand’s NZX 50 Index gained 0.1% and South Korea’s Kospi index slid 0.1%. Singapore’s Straits Times Index slipped 0.2% and Taiwain’s Taiex index was little changed.

Hong Kong’s Hang Seng Index fell 0.7% and China’s Shanghai Composite Index retreated 1.1%.

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