Asian stocks slump as traders dial back rate cut bets

SINGAPORE -- Asian shares fell on Monday and the dollar climbed after a robust U.S. jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve, while stocks in China stocks remained on the back foot on weak sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan slid 1% at the start of the week. The focus in Asia has been on slumping Chinese stocks as investor sentiment remains rock-bottom. Hong Kong's Hang Seng Index fell 0.5% in early trading. The strong payrolls report pushed Treasury yields higher, with the yield on 10-year Treasury notes at 4.077% in Asian hours.