"Asia Stocks Slump as Hang Seng Leads Selloff After Mixed China Data and Fed Bets"

Asian shares slid after a decline on Wall Street and disappointing China growth data, with Japan's Nikkei hitting a 30-year high before reverting lower, while Hong Kong's Hang Seng tumbled 4% and China's Shanghai Composite shed 2%. Wall Street slipped in a lackluster return to trading, with the S&P 500 falling 0.4%, the Dow dropping 0.6%, and the Nasdaq sinking 0.2%. Expectations for interest rate cuts by the Federal Reserve have helped the S&P 500 rally, while Treasury yields have sunk on expectations for upcoming cuts. Traders are anticipating more rate cuts through 2024 than the Fed has indicated, leading to potential market swings around each Fed official's speech or economic report.