Japan's Nikkei leads declines in Asia-Pacific markets as investors await China housing briefing

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets traded lower Wednesday, following declines on Wall Street, with Japan's Nikkei leading losses in the region.

Investors will be watching for more stimulus measures to prop up the real estate sector in China with the country's housing minister set to hold a press briefing on Thursday 10 a.m. local time, according to a statement from the State Council Information Office on Tuesday.

Ni Hong, minister of housing and urban-rural development, is expected to address the press conference along with officials from the central bank, the finance ministry and the National Financial Regulatory Administration.

Ahead of the briefing, China's CSI 300 Real Estate Index jumped as much as 5.8%, according to data on LSEG. The broader benchmark CSI 300 slipped 0.63% to close at 3,831.59.

Hang Seng Mainland Properties Index rose about 3.8%, while the Hang Seng index was flat, as of its final hour of trade.

Hong Kong's chief executive John Lee pledged to bolster the government's focus on people's livelihoods in his annual policy address, including steps to reduce wait times for public housing.

The city's leader also vowed to streamline procedures for companies seeking to list in Hong Kong and to attract more international company listings on the city's stock exchange.

Traders in Asia, meanwhile, assessed economic data from the region. New Zealand reported that its consumer prices index for the third quarter rose 2.2% year on year, in line with economists' expectations in a Reuters poll. It climbed 0.6% on quarter, slightly lower than the anticipated 0.7%.

South Korea's seasonally-adjusted unemployment rate came in at 2.5% in September, compared to 2.4% in August.

Japan's Nikkei 225 fell 1.83% to close at 39,180.3, while the broad-based Topix dropped 1.2% to finish at 2,690.66.

The Taiwan Weighted index lost 1.21% to finish at 23,010.98, dragged down by technology sector.

Australia's S&P/ASX 200 dropped 0.41% to 8,284.7.

South Korea's Kospi fell 0.88% to end at 2,610.36, while the small-cap Kosdaq dropped 1.04% to 765.79.

Overnight in the U.S., stocks tumbled amid corporate earnings season.

The Dow Jones Industrial Average lost 324.80 points, or 0.75%, closing at 42,740.42. The 30-stock average touched a fresh intraday record before sliding. The S&P 500 slipped 0.76% to end at 5,815.26, and the Nasdaq Composite fell 1.01% to 18,315.59.

The declines came following a strong session on Monday that sent the S&P 500 and Dow to all-time highs.

West Texas Intermediate oil futures climbed up slightly on Wednesday, after dropping more than 4% overnight, following the report that Israel had told the U.S. that it does not plan to target its strike at Iran's oil facilities.

— CNBC's Lisa Kailai Han and Yun Li contributed to this report.

Chinese government could restructure several regional banks, Moody's says

The Chinese government could restructure several regional banks, David Yin, vice president at Moody's Ratings suggested on CNBC's "Street Signs Asia."

The smaller regional banks are the "weakest" part of China's banking system, he said, citing the banks' heavy reliance on net interest income amid falling margins and high exposure to local distressed property developers.

— Anniek Bao

China property stocks rally ahead of housing ministry's briefing on Thursday

Shares of China's property developers soared on Wednesday, as investors cheered the signal of urgency from Beijing to arrest the real estate slump.

China's housing minister is expected to host a press briefing on Thursday to discuss "steady and healthy development of the real estate market," according to CNBC's translation of the Chinese statement from State Council Information Office.

Hong Kong-listed Yuexiu Property Co and Longfor Group surged over 9%. China Overseas and China Resources Land jumped around 5%.

China's CSI 300 Real Estate index rose 4.45%, while Hang Seng Mainland Properties Index rose over 5%.

— Anniek Bao

Japan's machinery orders drop more than expected in August

Japan's private-sector machinery orders in August declined 3.4% from a year earlier, data released Wednesday showed, a sharp contraction compared to Reuters poll expectations of a 3.6% rise.

The metric excludes the more volatile orders for ships and those from electric power companies, the release said. On a month-on-month basis those orders fell 1.9%, worse than the estimated 0.1% drop.

"The capex outlook faces challenges from unsteady domestic demand, external disruptions, high costs, and policy uncertainty," said Jeemin Bang, associate economist at Moody's Analytics.

— Anniek Bao

CNBC Pro: Rates won't be cut at an aggressive pace — here's how to position, according to strategists

U.S. interest rate cuts are unlikely to move at an aggressive pace, say market watchers.

The Fed kicked off its easing cycle with a jumbo 50 basis-point rate cut in September — but subsequent ones will be milder, they said.

They explain why, and say how investors should position.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Citi names 'underappreciated' AI stock as 'top pick' – giving it a 25% upside

Citi has named a little-known company as one of its its new "Top Pick," citing an "underappreciated" artificial intelligence story and attractive valuation.

The tech firm's stock price has surged by over 50% year-to-date, outperforming the broader iShares Expanded Tech-Software Sector ETF, which is up nearly 14% this year.

The Wall Street bank also said that the firm reported a "strong" set of financial results for the second quarter.

CNBC Pro subscribers can read more here.

— Ganesh Rao

United Airlines announces $1.5 billion stock buyback

United Airlines unveiled a new stock buyback program as part of its third-quarter report. The $1.5 billion plan marks the first time the airline has repurchased its shares since before the Covid-19 pandemic.

United also beat earnings estimates for the quarter, reporting $3.33 in adjusted earnings per share. Analysts surveyed by LSEG were expecting $3.17.

Still, shares of the airline dipped slightly in extended trading. Check out more after hours movers here.

— Jesse Pound

Chip stocks were the biggest culprits in the Nasdaq 100’s decline Tuesday

The Nasdaq 100 tumbled 1.37% on Tuesday, and semiconductors were some of the biggest contributors to the index's slide.

Nine out of the top 10 stocks with the most negative point impact on the Nasdaq 100 were chip names. Nvidia's 4.7% drop accounted for nearly 75 points on the index. Broadcom came in second place, with a roughly 3.5% loss and a 37.37-point impact. Applied Materials rounded out the top three: Shares fell 10.7%, accounting for more than 22 points on the Nasdaq 100.

KLA Corp, Advanced Micro Devices, ASML, Lam Research, Texas Instruments and Analog Devices also played key parts in the index's loss.

—Darla Mercado, Gina Francolla

Equity futures open little changed

Stock futures saw only modest movement when trading opened at 6 p.m. in New York. All three major contracts were within 0.1% of the flat line.

— Jesse Pound