Asian Stocks Slip as Rate Cut Hopes Begin to Fade – Asia Market Wrap

Stocks in Asia fell Wednesday as strong economic data and higher commodity prices fueled expectations that major central banks may maintain interest rates high for longer. South Korean and Hong Kong benchmarks drove the region’s downturn.

Mainland Chinese shares resumed their decline as a report showing growth in the Caixin purchasing managers’ indexes failed to provide a new impetus.

US equity futures contracts moved lower after the S&P 500 lost 0.7% on Tuesday.

Global equities have struggled to build on the previous quarter’s impressive gains, with benchmark gauges from Tokyo to New York trading mainly rangebound this week as investors adjust their interest rate expectations.