"China's Interest Rate Cuts Fail to Lift Asian Stocks"

Most Asian stocks retreated despite a bigger-than-expected cut in China’s benchmark lending rate, with concerns over slowing economic growth and high U.S. interest rates outweighing the positive news. Chinese markets fell slightly, and the move by the People’s Bank of China to cut its benchmark lending rate only pointed to more monetary support for the Chinese economy, amid increasing calls for more targeted fiscal measures. Concerns over China weighed on sentiment towards broader Asian markets, with tech stocks coming under pressure. Wall Street was closed on Monday, and most Asian markets were still reeling from concerns over higher U.S. interest rates.