The cautious approach ahead of the US Fed Chair Jerome Powell's speeches later today and tomorrow is keeping Asian stock markets mostly lower on Wednesday, despite the broadly positive cues from the Wall Street overnight. Traders seemed reluctant to make significant moves and will pay close attention to the Powell's statements for clues about the outlook for interest rates. Asian markets closed mostly lower on Tuesday.
Recouping some of the losses in the previous session, Australian shares are trading modestly higher on Wednesday, with the benchmark S&P/ASX 200 moving to a tad below the 7,000 mark, following the broadly positive cues from Wall Street overnight, with gains in technology and financial stocks partially offset by losses in mining and energy stocks amid falling commodity prices on weaker than expected Chinese data.
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