Asian stock markets are a sea of red on Wednesday, following the carnage in the global markets overnight, with Wall Street booking the biggest loss in 2 years on weak crude oil prices and disappointing quarterly results from some major retailers that raised concerns about persistently rising inflation, economic slowdown and rising prospects of sharper interest rate hikes. Asian Markets closed mixed on Wednesday.
The Australian stock market is sharply lower on Thursday, giving up the gains in the previous four sessions, with the benchmark S&P/ASX 200 falling below the 7,100 level, following the carnage in the global markets overnight, amid continued concerns about economic slowdown, persistently rising inflation and rising prospects of sharper interest rate hikes. Some traders also booked profits after the recent surge in the markets.
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