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Asian Markets Mostly Lower

(RTTNews) - Asian stock markets are mostly lower on Wednesday, following the broadly negative cues overnight from Wall Street, as traders are weighing the likely impact of the spread of the delta variant of coronavirus in the region and some other countries, particularly in the U.S., on the pace of economic recovery from the pandemic. Asian Markets closed mixed on Tuesday.

Meanwhile, the relatively tame U.S. inflation data generated optimism that the Federal Reserve may delay plans to begin scaling back stimulus. Comments later from economists suggested that the Fed is still likely to begin tapering its asset purchases as soon as December.

The Fed is scheduled to hold a monetary policy meeting next week, with many expecting the central bank to provide an update on the outlook for its asset purchase program.

The Australian stock market is modestly lower on Wednesday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 just above the 7,400 level, following the broadly negative cues overnight from Wall Street, as materials, financial and energy stocks dragging the market, even as the domestic coronavirus situation remains a concern, particularly in New South Wales and Victoria.

However, the infection rates are on a steady decline. NSW recorded 1,259 new local cases and 12 deaths on Tuesday. Victoria has recorded 423 new cases of COVID-19 and two deaths, with 4,038 total active cases of coronavirus across Victoria.
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