Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, after softer-than-expected US inflation data reduced expectations of a near-term interest rate hike by the US Fed. The gains were limited amid renewed tensions in the Middle East after the U.S. reinstated its blockade of Iranian ports in the Strait of Hormuz and US President Donald Trump warned of additional strikes on Iran. Asian markets closed mostly higher on Tuesday.

U.S. forces will intensify their campaign in the coming days, targeting power plants and bridges if Iran refuses to sign a deal with Washington, Trump was quoted as saying by Fox News.