Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from Wall Street overnight, amid concerns about the re-escalation in the Middle East and the related spike in crude oil prices that would translate to higher inflation and could keep interest rates elevated. Asian markets closed mostly lower on Tuesday.

This followed reports of projectile attacks by Iran on at least three tankers sailing through the Strait of Hormuz. The U.S. has now launched fresh air strikes in Iran and revoked a waiver that had allowed the country to sell oil globally.