Asian Stocks Tumble on US Inflation Jump and China Weakness

• Asian stocks fell, tracking declines on Wall Street after hotter-than-expected US inflation data reduced bets on Fed rate cuts • Weak Chinese inflation data rattled markets as it indicated sustained deflation and economic weakness in China • Losses in mainland China stocks dragged down Hong Kong's Hang Seng index and weighed on trade-exposed economies • Japan's Nikkei fell despite yen weakness boosting exporters, as uncertainty remains over potential intervention • June Fed rate cut bets evaporated after strong US CPI and hawkish minutes showed officials growing wary about inflation