Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from Wall Street overnight, as surging crude oil prices led to a sustained acceleration in the pace of inflation and continued to drive global bond yields higher, increasing the possibility of an interest rate hike in the coming months to combat inflation. Asian markets closed mixed on Tuesday.

CME Group’s FedWatch Tool is currently indicating a 41.9 percent chance rates will be a quarter point higher following the US Fed’s last monetary policy meeting of the year.