Investing.com-- Asian stocks retreated on Tuesday after four straight days of gains as key trade data pointed to more economic headwinds for China, while the Reserve Bank of Australia hiked interest rates and flagged a stickier outlook for inflation.down 3% as investors locked in profits from an over 4% jump in the prior session. The KOSPI marked its best day in over three years after the South Korean government banned short-selling until end-June 2024.
Broader Asian markets were also hit with a measure of profit taking, as markets somewhat reconsidered expectations that the Federal Reserve will pause its current rate hike cycle. Expectations of a pause in the Fed’s rate hikes, especially after weaker-than-expected payrolls data, had spurred strong gains in Asian stocks over the past four sessions.
This heralded more economic headwinds for the country, especially as economic conditions in its biggest markets worsen.index fell 0.2%, slightly trimming losses after the Reserve Bank of Australia hiked interest rates by 25 basis points, as expected.
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