CNBC News: http://www.cnbc.com/id/22672289/for/cnbc.. SYDNEY (Thomson Financial) - Asian stock markets were lower Wednesday on talk the US Federal Reserve was holding an emergency meeting. "There's talk about a Fed meeting - that's what the futures people are telling us but then again it makes sense for them to wait for the December CPI figures out tonight," said Ric Klusman, head of institutional trading at Aequs Securities. There is a general belief that the US is heading for a recession, making action by the Fed necessary though it will unlikely improve sentiment, he said. "If you are unemployed, then an interest rate cut is not going to help much," said Klusman. The Fed might decide to cut interest rates ahead of its January 30 policy meeting in an attempt to calm nervous investors, he said. The Dow Jones industrial hit a nine-month low overnight on weakness in the financial sector due to concerns about heavy losses from the subprime mortgage crisis. Citigroup Inc shed 7.7 percent after the financial services giant reported a 9.83 billion US dollar fourth-quarter loss, which included 18.1 billion dollars in subprime-related writedowns. firstname.lastname@example.org bhx/jg COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.