Asian Markets Slip Amid Wall Street Pause and Fed Fears

Asia-Pacific markets slid as Wall Street saw a pause in its market rally and the broad market index fluctuated near its highest closing levels since August 2022. China's six state-owned commercial banks cut deposit rates, boosting banks' profitability and paving the way for the People's Bank of China to lower benchmark interest rates. India's central bank held its key repurchase rate at 6.5% in May for a second straight month. The U.S. trade deficit rose sharply in April, though the increase wasn't quite as much as expected.