Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as traders are cautious after data showed a drop in U.S. consumer sentiment amid signs of growing stress in the banking sector and the impasse over raising the U.S. debt ceiling. Asian markets closed mostly lower on Friday.
U.S. Treasury Secretary Janet Yellen has warned that a default on the U.S. debt would be catastrophic and was "unthinkable." The postponement of a meeting between President Joe Biden and top lawmakers adding to jitters about a potential default.
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