Asian stock markets are trading mostly lower on Thursday, following the negative cues overnight from Wall Street as the Fed's latest economic projections now point the first post-pandemic interest rate hike in 2023, well ahead of the projected timeframe. Seven officials expect a rate hike as early as 2022. The markets also remain tense amid the continuing high number of infections in most markets. Asian markets closed mostly lower on Wednesday.
The Australian stock market is slightly lower on Thursday, retreating from record all-time highs and snapping a winning streak of four previous sessions, with the benchmark S&P/ASX 200 staying just below the 7,400 level off all-time highs, as mining, technology and energy stocks fell, offsetting gains in the financial sector. The cues overnight from Wall Street were also negative after the US Fed tipped an earlier-than-expected rise in interest rates.
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