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South Korea leads declines amid broad retreat

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Bitcoin, gold attempt recovery after selloff

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Wall Street CEOs question sustainability of rally

By Gregor Stuart Hunter

SINGAPORE, Nov 5 (Reuters) - Asian stocks extended an

overnight selloff on Wall Street in early trading on Wednesday

as investor concerns about stretched valuations sapped

confidence.

MSCI's broadest index of Asia-Pacific shares outside Japan

was down 0.8%, led by declines in South Korean

shares with a loss of 4.1%. U.S. e-mini futures

moved 0.4% lower after a 1.2% drop for the S&P 500

overnight.

"It's a sea of red across broad markets," said Chris Weston,

head of research at Pepperstone Group in Melbourne. "There

aren't many reasons to buy here, and until we move closer to

Nvidia's earnings on 19 November, the market lacks a short-term

catalyst."

Stocks are retreating from record highs on fears equity

markets may have become overstretched after the CEOs of Wall

Street heavyweights Morgan Stanley ( MS ) and Goldman Sachs ( GS )

questioned whether sky-high valuations can be sustained.

Last month, banking giant JPMorgan Chase's ( JPM ) CEO Jamie

Dimon had warned of a heightened risk of a significant

correction in the U.S. stock market within the next six months

to two years.

The warnings come as a surge in enthusiasm for generative AI

has swept across stock markets worldwide this year, drawing

comparisons to the dot-com bubble.

Japan's Nikkei stock index slid 2.5%, with SoftBank

Group shares plunging 10%.

The U.S. dollar dropped 0.2% against the yen to 153.41

after the release of minutes from the Bank of Japan's

September policy meeting,

The dollar index, which tracks the greenback against

a basket of currencies of other major trading partners, briefly

touched a five-month high of 100.25.

The yield on benchmark 10-year Treasury notes

edged lower to 4.0697% compared with its U.S. close of 4.091% on

Tuesday.

Bitcoin fell below $100,000 for the first time since

June, but rebounded afterwards and was last up 0.2% at

$100,499.70. Gold attempted to recover after three

consecutive days of losses, and was trading 0.1% higher at

$3,936.48 per ounce.

The European single currency was little changed in

early trading at $1.1484 after hitting a three-month low

following five straight days of declines.

Brent crude was last unchanged at $64.44 per barrel.