Asian stock markets are mostly lower on Wednesday following negative cues overnight from Wall Street on sinking crude oil prices and renewed coronavirus concerns due to extension of lockdown measures in several countries in Europe, particularly in Germany, and the sluggish vaccination campaign in the region. The sanctions between China and the West also rattled investors. Asian markets closed mostly lower on Tuesday.
Meantime, traders are also cautious after US Federal Reserve Chair Jerome Powell told Congress on Tuesday that a recovery in the US economy is far from complete and more must be done to limit the economic damage caused by COVID-19. US Treasury Secretary Janet Yellen also mentioned that while there are signs of recovery in the US, the nation is still down nearly 10 million jobs from its pre-pandemic peak.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.