Asian stocks dipped and cryptocurrencies extended losses on Wednesday as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.
Also weighing on digital coins was a new Chinese ban on financial institutions providing services related to cryptocurrency transactions.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.3% though Hong Kong and South Korea are closed for holiday.
Mainland China's CSI300 (.CSI300) slipped 0.6% while Japan's Nikkei (.N225) lost 1.1%.
The S&P 500 (.SPX) lost 0.85%, with telecom shares leading the decline, while the Nasdaq Composite (.IXIC) dropped 0.56%.
The minutes from the Fed's April meeting, to be published late on Wednesday, are expected to repeat that message.
Bitcoin dropped as much as 5.3% to hit its lowest level since early February and last stood at $40,973 , having lost more than a third of its value from a peak of $64,895 hit just over a month ago.
Ether, the second largest cryptocurrency, changed hands at $3,199 , down more than 25% from its record peak hit last Wednesday.
While cryptocurrencies were bruised by China's fresh ban on their transactions, they were not alone in facing pressure. read more
· Indian shares inch lower as top banks recede
Indian shares fell on Wednesday after a two-day rally, pressured by financial stocks after Asian peers slipped, with concerns over an uptick in U.S. inflation keeping investors away from assets that have risen during the pandemic.
The NSE Nifty 50 index (.NSEI) fell 0.15% to 15,084.05 by 0351 GMT, while the S&P BSE Sensex (.BSESN) inched 0.18% lower to 50,114.42.
The blue-chip indexes have gained roughly 3% each in the last two sessions, fuelled by meaty gains in financial stocks.
· European markets fall, following global stocks lower; John Laing jumps after KKR buyout
European stocks fell on Wednesday morning, following a global dip in markets Tuesday.
The pan-European Stoxx 600 slid 1% in early trade, with basic resources shedding 2.1% to lead losses as all sectors and major bourses traded in the red.
European markets are following dour sentiment elsewhere; U.S. stock futures were lower in early premarket trading on Wednesday ahead of more retail earnings, while stocks in Asia-Pacific slipped on Wednesday, with some markets in the region closed for holidays.
Shares of British infrastructure investment group John Laing jumped more than 11% in early deals to a 52-week high, after private equity firm KKR announced that it had agreed to buy the company for £2 billion ($2.84 billion).
Reference: CNBC, Reuters
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