Asian stock markets are a sea of red on Monday, following the broadly negative cues from Wall Street on Friday, as stronger than expected US employment data weighed heavily on the outlook for interest rates. It raised concerns that the US Fed will likely hold interest rates at current levels or slow down the pace of reductions. Rising bond yields also hurt. Asian markets closed mostly lower on Friday.
The Australian stock market is currently trading sharply lower on Monday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling well below the 8,200.00 level, with weakness in financial and technology stocks, partially offset by gains in mining and energy stocks amid spiking commodity prices.
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