Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues overnight from Wall Street, on a drop in crude oil prices and inflation concerns as data showed that the annual rate of US consumer price inflation in October was at its highest level in 31 years. This has raised concerns about the outlook for interest rates even though the Federal Reserve has signaled it will not be in a hurry to begin raising rates. Asian markets closed mostly lower on Wednesday.
The Australian stock market is significantly lower on Thursday, extending the losses in the previous three sessions, with the benchmark S&P/ASX 200 staying above the 7,300 level, following the broadly negative cues overnight from Wall Street as US inflation surges the highest in 31 years. Weakness in technology and energy stocks is partially offset by strength in mining and financial stocks.
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