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Asian Markets Showing Mixed Trend

(RTTNews) - Asian stock markets are trading mixed on Wednesday, following the broadly negative cues overnight from Wall Street, on continued COVID-19 worries and concerns over the outlook for interest rates. The doubts that existing vaccines will be less effective against the Omicron variant also weighed on sentiment. Asian Markets closed mixed on Tuesday.

US Federal Reserve Chairman Jerome Powell's also said during Congressional testimony that the recent surge in new Covid-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity as well as increased uncertainty for inflation and monetary policy.

The Australian stock market is significantly lower on Wednesday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 falling below the 7,200 level, following the broadly negative cues overnight from Wall Street, after Australia confirmed the first case of the Omicron variant, stoking fears of new restrictions. The doubts that existing vaccines will be less effective against the Omicron also weighed on sentiment.

The benchmark S&P/ASX 200 Index is losing 21.10 points or 0.29 percent to 7,234.90, after hitting a low of 7,183.40 earlier. The broader All Ordinaries Index is down 27.60 points or 0.36 percent to 7,559.80. Australian stocks ended slightly higher on Tuesday.

Among major miners, BHP Group is edging up 0.2 percent and Rio Tinto is gaining almost 1 percent, while OZ Minerals and Fortescue are flat. Mineral Resources is losing more than 2 percent.
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