Asian stock markets are trading mixed on Wednesday, following the broadly negative cues from Wall Street overnight, dragged by weakness in materials and energy stocks on potential drop in demand amid concerns about the emergence of a new, more infectious COVID-19 strain in several parts of the world. The surge in COVID-19 infections in China also hurt market sentiment as it reignited worries about potential lockdowns. Asian Markets closed mostly lower on Tuesday.
Many cities in China are already taking steps to stop the spread of the new strain, leading to worries about another round of painful lockdowns, especially in Shanghai or Beijing. This could put further pressure on a global economy that is already being squeezed by aggressive monetary policy tightening by the world's central banks.
For comments and feedback: editorial@rttnews.com