Shares across Asia declined on Tuesday as investors expressed concerns that China's latest rate cut may not be sufficient to boost confidence in the country's weakening economy.
China cut its benchmark loan prime rates for the first time in ten months, but the 10-basis point reduction in the five-year LPR was smaller than what many had anticipated.
The MSCI's broadest index of Asia-Pacific shares outside Japan declined by 0.72%, while Hong Kong shares and mainland property stocks slipped significantly following the rate cut.
While China has been implementing a series of moves to shore up its slowing economy, deflation risks, property market woes, and high youth unemployment continue to weigh on the country's recovery.
