Asian markets struggle as US data dents Fed rate cut optimism

People walk past an electronic board showing a share price of the Nikkei index of the Tokyo Stock Exchange in Tokyo on March 19, 2024.HONG KONG, China —

News that the central banks of Switzerland and Mexico had started cutting added to the sense that decision-makers were gearing up to reverse their tightening measures. However, Asia struggled to maintain the momentum after a string of data reminded investors that the world's largest economy was still in rude health, resilient to the tighter credit environment.

Rodrigo Catril at National Australia Bank said "the composite measure of prices derived by manufacturers and service providers rose to an almost one-year high on the back of continued wage growth and higher fuel costs, suggesting stubborn inflation".

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