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Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues overnight from Wall Street, on rising crude oil prices and easing concerns about the impact of the coronavirus Omicron variant on global economic recovery. Traders also continued to use the recent weakness as an opportunity to pick up stocks at somewhat reduced levels. Asian Markets closed mostly higher on Tuesday.

Further, there is rising expectation that the U.S. Federal Reserve could tighten its monetary policy more aggressively to tame inflation. Comments by Fed officials suggest that the U.S. central bank is likely to decide to double the pace of its taper to $30 billion a month at its December meeting.

The Australian stock market is significantly higher on Wednesday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 just below the 7,400 level, following the broadly positive cues overnight from Wall Street, as technology, energy and materials stocks lifted the market after iron ore and crude oil prices jumped. The easing of concerns about the impact of the Omicron variant on global economic recovery also boosted market sentiment.

The benchmark S&P/ASX 200 Index is gaining 76.90 points or 1.05 percent to 7,390.80, after touching a high of 7,399.90 earlier. The broader All Ordinaries Index is up 88.70 points or 1.17 percent to 7,693.90. Australian stocks ended significantly higher on Tuesday.

Among major miners, BHP Group is gaining almost 2 percent, Rio Tinto is adding more than 2 percent, OZ Minerals is up more than 1 percent, Fortescue Metals is advancing almost 3 percent and Mineral Resources is surging almost 5 percent.
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