Asia Shares Slump After Fed Dashes Rate Cut Hopes and US Tech Giants Flag Rising Costs
• Asia stocks set to fall following Fed's dashing of hopes for a March rate cut and negative reaction on Wall Street • Fed statement dropped language suggesting further hikes, but ruled out March cut; Powell said cut not base case • Microsoft and Alphabet earnings flagged rising AI costs, muddying jobs picture ahead of Friday’s payrolls report • Japan bucked Asia's selloff, logging its best January performance since 1998 amid confidence in economic turnaround • Chinese stocks fell a 6th straight month despite “national team” efforts to shore up economy and confidence