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

Asia-Pacific markets saw a wide sell off, with South Korea, Hong Kong, and mainland Chinese markets seeing losses of about 2% each.

This also mirrors moves on Wall Street overnight as U.S. Treasury yields jumped to multiyear highs, with the 10-year Treasury yield breaking above 4.9% for the first time since 2007. 

Meanwhile, the average rate on the 30-year fixed mortgage rate hit 8%, the highest level since 2000.

Japan recorded a higher than expected trade surplus of 62.4 billion yen ($416.6 million) for September, while data from Australia showed its unemployment rate fell to 3.6% last month.

In Australia, the S&P/ASX 200 fell 1.36%, erasing all the gains it's made this week and closing at 6,981.6.

Hong Kong's Hang Seng index lost 2.43% in its final hour, leading losses in Asia, while China's CSI 300 index shed 2.13% and closed at 3,533.54, hovering near a 12-month low.

Japan's Nikkei 225 also tumbled 1.91% to end at 31,430.62 for its largest single-day loss in two weeks, while the Topix saw a smaller loss of 1.36% and closed at 2,264.16 after the trade data was released.

South Korea's Kospi was down 1.9% to finish at 2,415.8, but the Kosdaq plunged 3.07% and closed at 784.04, its lowest level in about seven months as the Bank of Korea kept its interest rates steady at 3.5% for the sixth time in a row.

On Wednesday in the U.S., all three major indexes tumbled, with none of them in positive territory at any point during the session.

The Dow Jones Industrial Average slipped 0.98%, or over 300 points. The S&P 500 slid 1.34%, while the Nasdaq Composite dropped 1.62%.

— CNBC's Samantha Subin and Alex Harring contributed to this report.

Hong Kong stocks slide 2% as EV makers lead declines

Hong Kong's Hang Seng index was down 2.13% in the final hour of trading, falling to its lowest level in two weeks.

Shares of Hong-Kong listed Chinese EV-makers were battered after Tesla reported disappointing third-quarter results Wednesday.

Hong Kong-listed shares of Chinese EV makers BYD and Xpeng fell 3.65% and 9.10% respectively. Li Auto slid 3.90%, while Nio and Geely dropped 8.29% and 4.50% respectively.

Investors will now shift focus to Hong Kong consumer price inflation data for the month of September on Friday.

The Hang Seng is down over 12% so far this year.

— Shreyashi Sanyal

Kakao CIO arrested for allegedly manipulating stock during SM takeover: South Korean media

The chief investment officer of South Korean tech giant Kakao has reportedly been arrested for suspected stock manipulation in connection with the tech giant's acquisition of K-pop label SM Entertainment.

Back in February, Kakao and K-pop agency Hybe were engaged in a bidding war to acquire a majority stake in SM. Hybe had launched an tender offer to buy shares from other shareholders after acquiring a 14.8% stake, but later suspended its takeover bid.

Yonhap News reported that South Korea's financial market watchdog suspects that Bae Jae-hyun and two other Kakao executives inflated SM's share price to surpass the tender offer price.

Kakao and its subsidiary Kakao Entertainment together later secured nearly a 40% stake in SM in March, clinching management control of the K-pop label.

— Lim Hui Jie

Bank of Korea continues to hold rates at 3.5%, in line with expectations

South Korea's central bank again kept its benchmark policy rate at 3.5%, in line with expectations from a Reuters poll of economists.

In its release, the Bank of Korea said that inflation in the country is "projected to continue its underlying trend of a slowdown," but there are uncertainties regarding the future path of inflation.

South Korea's inflation rate rose to 3.7% in September from 3.4% in August, but the BOK noted that core inflation has stayed at 3.3% in September, the same as in August. 

While it expects inflation to continue to slow to the lower end of 3% by the end of 2023, and continue to slow in 2024, the BOK noted that "upside risks to inflation have increased due to the effects of higher global oil prices and exchange rates, and due to the Israel-Hamas conflict."

— Lim Hui Jie

Australia unemployment ticks down to 3.6% in September, lower than expectations

Australia's seasonally adjusted unemployment rate fell to 3.6% in September, in contrast to expectations from economists polled by Reuters that it would remain unchanged at 3.7%.

Despite this, the country's participation rate decreased to decreased to 66.7%. The participation rate measures the proportion of the working-age population that are working or looking for work.

The unemployment rate is one of the metrics that is considered by the Reserve Bank of Australia when it makes monetary policy decisions. The RBA will next announce its interest rate decision on Nov. 3.

— Lim Hui Jie

CNBC Pro: ESG is 'as crowded as ever,' AllianceBernstein says, naming 'high conviction' stock ideas to play it

ESG is "as crowded as ever," according to AllianceBernstein, which revealed "high conviction" stock ideas to play it.

In an Oct. 17 note, analysts at the global asset management firm pointed out that crowding is a "risk factor that is frequently mispriced because it is not easily observed." They added that crowded stocks are those made based on the consensus trades expected to have high returns and near-term stability.

The extent of the crowding varies by region, the analysts wrote, naming stocks on their radar right now.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Japan's September trade balance swings into surplus, surprising expectations

Japan recorded a trade surplus of 62.4 billion yen ($416.6 million) for September, beating expectations from economists polled by Reuters for a trade deficit of 42.5 billion yen.

Data from Japan's customs agency revealed that exports in September increased 4.3% year on year, while imports slid 16.3% compared to the same period last year.

According to FactSet, exports to Asia fell for the ninth straight month, which reflected ongoing China weakness. Exports were supported by shipments to Western markets, FactSet added.

— Lim Hui Jie

CNBC Pro: A rate cut will be bad news for stocks, JPMorgan warns

A cut in interest rates by the Federal Reserve next year is likely to be bad news for U.S. equity investors, according to Hugh Gimber, global market strategist at JPMorgan Asset Management.

The strategist believes the market's expectations for an interest rate cut next year contradict analysts' earnings growth forecasts.

Instead, Gimber believes Fed cuts in 2024 would likely coincide with declining corporate earnings, creating headwinds for stocks.

CNBC Pro subscribers can read more on Gimber's view and where to invest in that environment here.

— Ganesh Rao

CNBC Pro: Piper Sandler names its 'highest conviction' large-cap stock to own into the year-end

Piper Sandler named its "highest conviction" large-cap stock to own into the year-end, giving the stock roughly 20% potential upside from Monday's close.

"[There's] multiple upside levers to revenue and EPS growth over the next 3-5 years," its analysts said.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Economy shows no change, hiring and prices up, Fed report says

The U.S. economy showed "little or no change" over the past six weeks, the Federal Reserve reported Wednesday in its Beige Book report.

Spending was described as "mixed" while prices increased "at a modest pace," the report said. Companies said they expect inflation to continue rising, thought at a slower pace.

On employment, most areas saw "slight to moderate increases" as firms hired "less urgently." More broadly, respondents expected economic growth ahead to be "stable or having slightly weaker growth."

—Jeff Cox

Equities appear in 'pretty good shape' so long as Middle East conflict remains contained, says Citi's Chronert

Equities are in "uncertain mode" as geopolitical tensions persist in the Middle East, but the market should remain in decent condition so long as the conflict is contained, according to Citi's Scott Chronert.

"The way I'm thinking about it is contained versus escalating," the U.S. equity strategist told CNBC's "Squawk on the Street" on Wednesday. "As long as it remains contained, I think that our view towards U.S. equities is in pretty good shape."

Fundamentals for the stock market also appear good, further underscored by the third-quarter earnings reported so far, he added.

— Samantha Subin

Key Treasury yields rise, pressuring equities

U.S. Treasury yields rose on Wednesday, with the 10-year hitting a fresh multiyear high. The move up pressured stocks.

The 10-year Treasury yield was up by nearly 7 basis points to 4.911%, putting it above 4.9% for the first time since 2007. Meanwhile, the 2-year Treasury yield was climbed almost 2 basis points to 5.231%, hovering around levels last seen in 2006.

Also of the note, the 5-year Treasury touched as high as 4.937%, its top level since 2007.

Yields and prices move in opposite directions and one basis point equals 0.01%.

— Alex Harring, Sophie Kiderlin

Gold prices rise 1% to highest level in nearly a month

Gold prices rose more than 1% on Wednesday to trade near their highest level since Sept. 20.

U.S. gold futures were last up 1.1% to trade at $1,957.5, while silver gained 1.4% to trade near its highest level since Sept. 29.

The move in gold prices came as recent events in the Middle East heightened fears of an escalation in the Israel-Hamas conflict.

— Samantha Subin