Asian shares slide on US rate cut rethink

Singapore, Apr. 16 (BNA):  Asian stocks sank and the dollar climbed to more than five-month highs on Tuesday as stronger-than-expected U.S. retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year.

While the GDP data from China was a welcome sign for policymakers, a raft of March indicators released, including property investment, retail sales and industrial output showed that demand remains weak, weighing on investor sentiment, Reuters reported.

China stocks fell, tracking broader markets, with the blue-chip index down 1%, while Hong Kong’s Hang Seng Index slid 2%.

Stock bourses across Asia fell sharply, with MSCI’s broadest index of Asia-Pacific shares outside Japan plunging more than 2% to two-month low of 518.03.

ZH