Asia markets largely poised for fall after Fed minutes show no indication of rate cuts

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

Asia-Pacific markets are set to fall after minutes from the U.S. Federal Reserve's Oct. 31 meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts.

"In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee's 2 percent objective over time," the minutes said. The federal funds rate currently stands at 5.25%-5.5%.

In Australia, the S&P/ASX 200 slipped marginally in early trade.

Japan's Nikkei 225 is also set to extend its losses for a third straight day, with the futures contract in Chicago at 33,175 and its counterpart in Osaka at 33,200 against the index's last close of 33,354.14.

Futures for Hong Kong's Hang Seng index stood at 17,702 following a volatile trading session on Tuesday, pointing to a weaker open compared with the HSI's close of 17,733.89.

In the U.S., all three major indexes lost ground following the Fed announcement, with the S&P 500 and Nasdaq Composite snapping a string of five consecutive winning days.

The Dow Jones Industrial Average slipped 0.18%, while the S&P dipped 0.2%. The tech heavy Nasdaq fell 0.59%, a day after leading a tech fueled rally on Wall Street.

— CNBC's Hakyung Kim and Brian Evans contributed to this report.

Fed gives no indication of rate cuts in latest minutes

The Federal Reserve released the minutes from its Oct. 31-Nov. 1 , which showed the central bank didn't give an indication of possible rate hikes coming.

"In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee's 2 percent objective over time," the minutes stated.

— Jeff Cox

Oil settles flat as traders await OPEC meeting

Oil prices were largely unchanged Tuesday after rallying the past two sessions as traders await a meeting of the Organization of Petroleum Exporting Countries later this week.

The Brent crude contract for January rose 13 cents, or .16%, to settle at $82.45 a barrel Tuesday, while the West Texas Intermediate contract for January fell 6 cents, or .08%, to settle at $77.77 a barrel.

OPEC and its allies, OPEC+, will meet Sunday amid speculation that the group could implement deeper production cuts as oil prices have dropped significantly since September amid demand concerns.

A senior official at the International Energy Agency told Reuters Tuesday that global oil market will see a slight supply surplus in 2024 even if OPEC+ countries extend their current production cuts into next year.

- Spencer Kimball

Tech sector leads S&P 500 losses Tuesday

The technology sector was the biggest decliner in the S&P 500 during Tuesday's trading session, declining 1.1% against the broad market index's 0.3% decline. This marked the tech sector's worst day since Oct. 26.

Semiconductor stocks fell broadly Tuesday. On Semiconductor , Qualcomm , Monolithic Power Systems and Intel all lost 2.5% and more.

— Hakyung Kim

High rates continue to pressure home sales

October's weaker-than-expected housing data indicates home buyers are feeling pressured by high rates. Existing home sales fell to their lowest level since August 2010 and declined more than 14% year-over-year.

"The confluence of high prices, high interest rates, and stubbornly low inventory are flash frying home buying now," said Jamie Cox, managing partner for Harris Financial Group.

He added that "if rates fall next year, housing will snap back." Fed funds futures pricing suggests that the Federal Reserve will hold rates steady at its upcoming December meeting.

— Hakyung Kim