GLOBAL MARKETS-Asian shares slide on US rate cut rethink, Middle East worries
Asian stocks sank and the dollar climbed to more than five-month highs on Tuesday as stronger-than-expected U.S. retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year. Geopolitical tensions in the Middle East kept risk sentiment in check, lifting prices of gold and oil, while data showed China's economy grew 5.3% in the first quarter year-on-year, easily beating analysts' expectations. While the GDP data from China was a welcome sign for policymakers, a raft of March indicators released, including property investment, retail sales and industrial output showed that demand remains weak, weighing on investor sentiment.
