Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from global markets on Friday, as ongoing concerns about rising interest rates and fears of a global economic recession continued to weigh on sentiment. The interest rate hikes by several central banks, including the US Fed, the Bank of England, and the European Central Bank, as well as the hawkish tone from them have fueled concerns. Asian markets closed mostly lower on Friday.
The Australian stock market is modestly lower on Monday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, following the broadly negative cues from global markets on Friday, with the losses in technology and financial stocks, partially offset by gains in gold miners and materials stocks.
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