Asia stocks tumble as hopes fade for coming Fed rate cut

More Fed officials signal caution about further cuts amid downbeat mood

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Asian markets joined a global selloff on Nov14 as hawkish comments from Federal Reserve officials doused hopes for a US rate cut in December, while a still messy US data calendar added to the angst, hitting bonds, the US dollar and even gold.

Japan’s Nikkei tumbled 1.8 per cent on Nov 14, while Australia’s resources-heavy shares slid 1.5 per cent and South Korea plunged 3.8 per cent. The Straits Times Index tumbled as much as 0.9 per cent before recovering some ground. It was down 0,7 per cent at the close.

Overnight, Wall Street tumbled with steep losses in Nvidia and other artificial intelligence heavyweights on valuation concerns, while Treasuries retreated as investors scaled back expectations of a rate cut from the Fed in December to just 47 per cent, down from 67 per cent earlier in the week.

The US dollar failed to get a lift on higher yields, losing ground to the likes of the yen and Swiss franc.