Hong Kong, Shanghai lead Asia losses as China rate cut falls flat

Stocks in Hong Kong and Shanghai led losses across most of Asia on Tuesday as a smaller-than-forecast interest rate cut by China’s central bank added to worries about the lack of action to kickstart the country’s lumbering economic recovery.

The optimism that fed last week’s rally across world markets appears to be fading as traders are left disappointed by Beijing’s efforts to act, even as growth slows and weakness persists.

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