Most Asian stock indices fell, led by China, after strong US retail sales data cast new doubts on the possibility of an interest rate cut by the Federal Reserve in March.
The intensifying rout has made China the world’s worst-performing major stock market in the new year, as authorities struggle to reverse a deep housing market slump and stubborn deflationary pressures. The Shanghai Composite Index fell below 2,800 to the lowest level since 2020 as authorities signaled they would avoid a massive stimulus to revive growth.