Asian Markets Trade Mixed

(RTTNews) - Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from Wall Street overnight, dragged by weakness in technology stocks amid concerns around growth expectations in the AI segment. The ongoing stalemate in the Middle East conflict between the U.S. and Iran is weighing on market segment. Asian markets closed mostly lower on Tuesday.

Elevated crude oil prices fueled concerns about global inflation and the outlook for interest rates.

Traders now look ahead to the US Fed's monetary policy announcement later in the day. With the Fed widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.

Australian shares are trading slightly lower on Wednesday, extending the losses in the previous six sessions, with the benchmark S&P/ASX 200 falling near the 8,700 level, following the broadly negative cues from Wall Street overnight, with weakness in mining and financial stocks partially offset by gains in energy stocks.

The benchmark S&P/ASX 200 Index is losing 6.10 points or 0.07 percent to 8,704.60, after hitting a low of 8,659.10 earlier. The broader All Ordinaries Index is down 2.20 points or 0.03 percent to 8,932.80. Australian stocks ended notably lower on Tuesday.

Among major miners, BHP Group is losing almost 2 percent, Fortescue is edging up 0.2 percent, Mineral Resources is slipping more than 1 percent and Rio Tinto is down almost 1 percent.

Oil stocks are mostly higher. Origin Energy is advancing almost 3 percent, Santos is adding almost 1 percent and Woodside Energy is gaining almost 2 percent, while Beach energy is losing more than 1 percent.

In the tech space, Afterpay owner Block is declining almost 2 percent, while WiseTech Global and Zip are losing almost 1 percent each. Xero is edging up 0.3 percent and Appen is flat.

Among the big four banks, Commonwealth Bank and National Australia bank are losing almost 1 percent each, while Westpac is edging down 0.4 percent. ANZ Banking is gaining almost 1 percent.

Among gold miners, Evolution Mining and Resolute Mining are losing almost 1 percent each, while Newmont is declining almost 3 percent. Northern Star Resources is edging up 0.3 percent and Genesis Minerals is adding more than 1 percent.

In other news, shares in Codan are jumping almost 18 percent after it lifted its full-year earnings outlook.

Shares in OOh!media are skyrocketing almost 36 percent after it received an unsolicited, non-binding, indicative proposal from Pacific Equity Partners to acquire it for $1.40 per share in a deal valuing the outdoor advertising group at about $754 million..

Shares in G8 Education are tumbling almost 31 percent after it suspended operations at about 40 underperforming childcare centres amid weaker occupancy, cost pressures and rising sector competition. In the currency market, the Aussie dollar is trading at $0.717 on Wednesday.

The Japanese stock market is closed for Showa Day on Wednesday. Japanese stocks ended significantly lower Tuesday.

In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Wednesday.

Elsewhere in Asia, Singapore, Malaysia and Taiwan are higher by between 0.4 and 0.9 percent each. Hong Kong is up more than 1 percent, while China and Indonesia are up 0.1 and 0.6 percent, respectively. South Korea and New Zealand are relatively flat.

On the Wall Street, stocks moved mostly lower during trading on Tuesday after ending yesterday's choppy session narrowly mixed. The major averages all moved to the downside on the day, with the tech-heavy Nasdaq showing a notable slump.

The major averages ended the day off their lows of the session but still in negative territory. The Nasdaq slid 223.30 points or 0.9 percent to 24,663.80, the S&P 500 fell 35.11 points or 0.5 percent to 7,138.90 and the Dow edged down 25.86 points or 0.1 percent to 49,141.93. Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index crept up by 0.1 percent, the German DAX Index slipped by 0.3 percent and the French CAC 40 Index fell by 0.5 percent.

Crude oil prices soared on Tuesday amid the ongoing U.S.-Iran stalemate, although it gave ground later in the day following reports that Iran readied a revised peace plan. West Texas Intermediate crude for June month delivery was up $3.44 or 3.57 percent at $99.81 per barrel.