Asian Markets Showing Mixed Trend

(RTTNews) - Asian stock markets are trading mixed on Wednesday, following the mostly positive cues overnight from Wall Street, on strength in financial stocks even as the continued increase in treasury yields following Fed Chair Powell's re-nomination weighed on high-growth tech stocks. Traders also remain concerned about the resurgence of coronavirus cases and fresh lockdown measures in Europe and some other countries. Asian Markets closed mixed on Tuesday.

The Australian stock market is slightly lower in choppy trading on Wednesday, giving up some of the gains in the previous session, with the benchmark S&P/ASX 200 staying above the 7,400 level, despite the mostly positive cues overnight from Wall Street, with gains in energy and financial stocks more than offset by weakness in gold mining and technology stocks.

The benchmark S&P/ASX 200 Index is losing 3.80 points or 0.05 percent to 7,406.80, after touching a high of 7,425.00 and a low of 7,381.80 earlier. The broader All Ordinaries Index is down 10.90 points or 0.14 percent to 7,730.80. Australian stocks ended notably higher on Tuesday.

Among major miners, BHP Group is gaining almost 1 percent and Fortescue Metals is adding more than 1 percent, while OZ Minerals is losing almost 1 percent and Mineral Resources is edging down 0.5 percent. Rio Tinto is flat.

Oil stocks are mostly higher. Woodside Petroleum and Beach energy are gaining more than 2 percent each, while Santos is adding almost 2 percent, Oil Search is rising more than 1 percent and Origin Energy is advancing almost 1 percent.
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