Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from Wall Street overnight, amid lingering concerns about the outlook for interest rates and the impact further rate hikes will have on the global economy. Trades now await comments from several US Fed officials, including Fed Chair Jerome Powell, as well as the central bank's Beige Book for more cues. Asian Markets closed mixed on Tuesday.
The Australian stock market is sharply lower on Wednesday, extending the losses in the previous session, with the benchmark S&P/ASX 200 falling below the 6,800 level, following the broadly negative cues from Wall Street overnight, with weakness across most sectors as traders digested the fourth successive 50 basis points hike in cash rate by the Reserve Bank of Australia to the highest level since 2015.
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