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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