Asian stock markets are trading mostly higher on Wednesday, despite the broadly negative cues from global markets overnight, with traders hopeful a deal is reached on the U.S. debt ceiling as US President Joe Biden meets with top congressional leaders. US Treasury Secretary Janet Yellen has said a recession would be likely if the US defaulted on its debt. Asian markets closed mixed on Tuesday.
The Australian stock market is notably lower on Wednesday, extending the losses in the previous session, with the benchmark S&P/ASX 200 staying below the 7,200 level, following the broadly negative cues from global markets overnight, with weakness across most sectors, led by materials and financial stocks.
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