Taking the broadly positive cues from Wall Street overnight, the Asian stock markets are trading mostly higher, as traders took note of US Fed Vice Chair Philip Jefferson stating the central bank needs to "proceed carefully to balance the risk of tightening too much." However, the fresh geopolitical crisis in the Middle East is weighing on market sentiment. Asian markets closed mixed on Monday.
Traders also cautiously await US inflation data later in the week, which could have a significant impact on the outlook for interest rates.
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