ASIAN markets were mostly lower on Tuesday following losses in New York as dealers took profits from recent advances while also seeking fresh catalysts.
Tokyo was also weighed by a rise in the yen, which has suffered heavy selling in recent weeks, while the South Korean bourse slipped on disappointment over the latest earnings guidance from Samsung Electronics.
Tokyo slipped 0.86 per cent, or 90.95 points, lower to 10,508.06, Sydney lost 0.57 per cent, or 27.1 points, to close at 4690.2 and Seoul was 0.66 per cent lower, shedding 13.31 points to 1997.94.
Hong Kong lost 0.94 per cent, shedding 218.56 points to 23,111.19 while Shanghai fell 0.41 per cent, or 9.29 points, to 2276.07.
With the US fiscal crisis out of the way until talks next month on raising the country's borrowing limit and cutting spending, eyes are now on the upcoming earnings season and economic indicators.
"We could be in a no man's land between the fiscal cliff and [the debate around] the debt ceiling," said Sean Callow, senior currency strategist at Westpac Institutional Bank in Sydney.
China is due to unveil several batches of data over the coming week, including on trade, inflation and gross domestic product, with most economists upbeat following a series of results suggesting the economy is picking up strength.
However, Wall Street provided a negative lead owing to caution ahead of the start of the corporate reporting season later on Tuesday.
The Dow shed 0.38 per cent, the S&P 500 fell 0.31 per cent and the Nasdaq edged down 0.09 per cent.
In Tokyo the Nikkei fell as the yen picked up slightly against the dollar and euro, although analysts said its relative weakness should continue to provide support.
"The market remains overheated after running up so much over the past several weeks, making it vulnerable to more selling," SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.
"Currency levels remain somewhat supportive ... so this should hold any sharp sell-offs in check."
The US dollar stood at 87.41 yen in Tokyo trade, from 87.89 late on Monday in New York, where it last week surged to a peak of 88.41 yen, its highest since July 2010.
The euro bought $US1.3113 and 114.61 yen, from $US1.3115 and 115.09 yen in New York.
Seoul's Kospi was dragged lower by heavyweight Samsung Electronics, which fell 1.3 per cent as it disappointed traders despite forecasting a record operating profit of $US8.8 billion for the three months to the end of December.
"Investors appear concerned that Samsung may not show a better performance in the first quarter, with some of them taking profit," said Hyundai Securities analyst Bae Sung-Young.
Oil prices were lower, with New York's main contract, light sweet crude for delivery in February, down nine cents to $US93.10 a barrel in the afternoon while Brent North Sea crude for February delivery lost 15 cents to $US111.25.
Gold was at $US1653.49 at 1045 GMT (2145 AEDT) compared with $US1654.50 late Monday.
In other markets:
- Taipei fell 0.43 per cent, or 33.43 points, to 7,721.66.
Taiwan Semiconductor Manufacturing Co. was 0.80 per cent lower at Tw$99.7 while leading smartphone maker HTC lost 3.99 per cent to Tw$276.5.
- Manila was flat, nudging up 3.99 points to a new record 6,048.90.
SM Investments added 1.73 per cent to 939 pesos, BDO Unibank gained 0.13 per cent to 75.15 pesos and Philippine Long Distance Telephone dropped 0.60 per cent to 2,646 pesos.
- Wellington rose 0.14 per cent, or 5.53 points, to 4,090.37.
Telecom added 2.3 per cent to $NZ2.23, Fisher & Paykel Healthcare was up 1.7 per cent at $NZ2.47 and Metlifecare surged 4.4 per cent to end at $NZ3.35.
- Singapore slipped 0.40 per cent, or 12.74 points, to 3205.52.
Global integrated supply chain manager Olam International dropped 2.13 per cent to Sg$1.61 while Oversea-Chinese Banking Corporation gained 0.10 per cent to Sg$9.69.
- Jakarta ended up 0.12 per cent, or 5.17 points, at 4,397.55.
State-controlled miner Aneka Tambang jumped 2.99 per cent to 1380 rupiah, while Bank Negara Indonesia rose 1.97 per cent to 3875 rupiah.
- Kuala Lumpur lost 0.31 per cent, or 5.25 points, to 1688.91.
Kuala Lumpur Kepong shed 1.4 per cent to 22.62 ringgit while Astro Malaysia gained 0.7 per cent to 3.02.
- Bangkok rose 0.14 per cent, or 2.01 points, to 1417.33.
Oil company PTT dropped 1.20 per cent to 330 baht, while power giant Electricity Generating Public Co. added 0.33 per cent to 150.50.
- Mumbai rose 0.26 per cent, or 51.10 points, to 19,742.52.
Conglomerate ITC group rose 2.18 per cent to 285.3 rupees while private housing finance firm HDFC rose 1.95 per cent to 839.65.
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