Asian stock markets are trading mostly lower on Wednesday, following the mixed cues from Wall Street overnight, as surging crude oil prices renewed global inflationary pressures amid the re-escalation in the Middle East conflict following the U.S. rejection of Iran's peace proposal. Hotter-than-expected US inflation data also reinforced expectations for tighter US Fed policy. Asian markets closed mostly lower on Tuesday.
The Fed could keep interest rates elevated for longer, while lingering uncertainty over US-Iran peace talks and surging crude oil prices tied to the Middle East conflict continued to weigh on sentiment.
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