Asian Markets Mostly Lower Amid Inflation Woes

(RTTNews) - Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday on mixed retail sales data and an unexpected slump in US consumer sentiment in July amid concerns about inflation. Traders are also spooked by the spread of the delta variant of the coronavirus across the world, which is expected to slow the pace of the global economic recovery from the pandemic. Asian markets closed mixed on Friday.

The Australian stock market is significantly lower on Monday, after a slight loss in the previous session, with the benchmark S&P/ASX 200 moving below 7,300 level, following the broadly negative cues from Wall Street on Friday. The market is dragged by mining, materials, financial and energy firms as the nation's two biggest cities are under strict lockdown amid a resurgence in coronavirus.

Victoria has recorded 12 new local cases on Sunday after the number of COVID-19 exposure sites increased to more than 275, with the chances of the ongoing lockdown ending soon looking bleak. New South Wales recorded 105 new local cases of coronavirus and one death on Sunday.

The benchmark S&P/ASX 200 Index is losing 58.20 points or 0.79 percent to 7,289.90, after hitting a low of 7,249.20 earlier. The broader All Ordinaries Index is down 63.60 points or 0.83 percent to 7,567.10. Australian stocks closed marginally higher on Friday.

Among the major miners, BHP Group and Rio Tinto are losing more than 2 percent each, while Mineral Resources edging down 0.3 percent, OZ Minerals is down more than 3 percent and Fortescue Metals is declining almost 1 percent.
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