Asia tracks Wall St retreat as US inflation dents rate cut hopes

Hong Kong Feb 14, 2024

Asian equities sank Wednesday, tracking a sell-off on Wall Street, as a forecast-topping US inflation report dealt a hefty blow to hopes for an early interest rate cut. The dimming prospects of a dovish turn by the Federal Reserve also sent the dollar surging against the yen, forcing Japanese officials to warn they would intervene in forex markets to support the country's currency. Expec