BEIJING (AP) — Asian stocks tumbled Monday after relatively strong U.S. employment data tempered hopes the Federal Reserve might cut interest rates.
Benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all declined.
Fed leaders have said they are ready to cut rates to support economic growth amid a tariff war with Beijing. But Friday’s stronger-than-expected data on June job creation prompted questions about whether the Fed might still think that is needed.
Those data “have many questioning whether we will see just two rate cuts in 2019 and not what some call the required three” to push U.S. stocks higher, said Edward Moya of OANDA in a report.
Trade data due out this week and Fed Chairman Jerome Powell’s testimony to Congress on Wednesday “will