Asian markets track Wall Street’s decline as US Fed decision looms

HONG KONG, China—Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year.

That will be followed by closely watched non-farm payrolls figures that should provide a fresh snapshot of the labor market, which has so far remained resilient to the high rates environment. “These numbers essentially bury any hopes for imminent rate cuts, unless, of course, a significant shift occurs such as a negative print.

“If the Fed asserts a high probability of no cuts this year, or even the open possibility of another hike, that could deepen the sell-off in stocks.”

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