Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from global markets overnight, as some traders continued to cash in on recent strength in the markets by booking profits. They are also cautious ahead of the US Fed Chair Jerome Powell's congressional testimony later in the day, which could provide clues about the outlook for interest rate moves. Asian markets closed mixed on Tuesday.
The Australian stock market is modestly lower on Wednesday, snapping the seven-session winning streak, with the benchmark S&P/ASX 200 staying above the 7,300 level, following the broadly negative cues from global markets overnight, with losses in materials and energy stocks amid tumbling commodity prices, partially offset by strength in technology stocks.
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