Asian Markets Mostly In Red

(RTTNews) - Asian stock markets are mostly lower on Thursday following negative cues overnight from Wall Street as bond yields rose again after trending lower over the past few sessions, fueling inflation concerns. Surging oil prices is also weighing on the market amid speculation that OPEC+ producers might decide against increasing output at a key meeting later today. Asian stocks closed notably higher on Wednesday.

The Australian stock market is lower on renewed selling pressure on Thursday, with the benchmark S&P/ASX 200 treading towards the 6,700 level as investors are cautious following negative Wall Street cues overnight. Precious metal miners are deep into the red after a sharp decline in gold prices.

The benchmark S&P/ASX 200 Index is losing 75.20 points or 1.10 percent to 6,742.80, after touching a low of 6,716.10 earlier. The broader All Ordinaries Index is down 77.50 points or 1.10 percent to 6,990.40. Australian stocks closed notably higher on Wednesday.

The major miners are lower. Fortescue Metals is losing more than 2 percent and Rio Tinto is down over 1 percent, while BHP Group is declining almost 3 percent.

Oil stocks are mixed, with Oil Search edging down 0.2 percent, while Santos is up nearly 1 percent. Woodside Petroleum is losing more than 1 percent.

Among the big four banks, Westpac and Commonwealth Bank are edging up 0.3 percent each, while ANZ Banking an National Australia Bank are rising more than 1 percent each.
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