"Asia Stocks Tumble as Rate-Cut Hopes Fade and China's Growth Slows"

Most Asian stocks fell as Federal Reserve officials downplayed expectations for early interest rate cuts, while Chinese economic growth figures underwhelmed markets. Japanese shares traded positively, with local indexes briefly reaching new 34-year highs on hopes that monetary conditions in the country will remain ultra-loose. Chinese stocks slid as Q4 GDP missed expectations, dragging down Hong Kong’s index, while regional technology stocks were the worst performers for the day. The Nikkei rose on dovish Bank of Japan hopes, driven by expectations that the BOJ will maintain its ultra-dovish stance in the near-term.