Asian Markets Trade Mixed

Asian stock markets are trading mixed on Wednesday, following the broadly negative cues from Wall Street overnight, amid continuing uncertainty about the reopening the Strait of Hormuz and the resulting spike in crude oil prices after Tehran indicated the strait will not reopen until its conditions have been met. U.S.-Iran dispute over demands for reparation costs kept Middle East tensions alive. Asian markets closed mixed on Tuesday.

Traders were also looking ahead to the release of a closely watched report on US consumer price inflation later in the day, which is likely to have an impact on the outlook for interest rates at next month’s FOMC meeting.