Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as worries about slowing growth and policy tightening weighed on the markets. Traders remained cautious and chose to take some profits ahead of this week's highly anticipated monetary policy decision by the U.S. Federal Reserve, which is widely expected to raise interest rates by at least 75 basis points as part of its ongoing efforts to combat elevated inflation. Asian markets closed mixed on Friday.
The Australian stock market is slightly lower in choppy trading on Monday after being in the green earlier, extending the losses in the previous session, with the benchmark S&P/ASX 200 staying below the 6,800 level, following the broadly negative cues from Wall Street on Friday, dragged by weakness in technology stocks, partially offset by gains in resources stocks as iron ore prices jumped over the weekend.
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