(RTTNews) - Asian stock markets are mixed on Wednesday in thin holiday trading, following the mixed cues overnight from Wall Street, as traders are refraining from making major moves amid the continued surge in coronavirus cases in most of the markets in the region, particularly in India and Japan. Major markets in China, Japan and South Korea are also closed for holidays. Asian markets closed mostly higher on Tuesday.
Additional selling pressure was generated in reaction to comments from US Treasury Secretary Janet Yellen, who suggested interest rates may have to rise modestly to prevent the economy from overheating amid the recent spike in government spending.
The comments from Yellen come even though the Federal Reserve has repeatedly indicated interest rates are likely to remain at near-zero levels for the foreseeable future.
The Australian stock market is higher after on Wednesday, extending the gains of the previous two sessions, with the benchmark S&P/ASX 200 above the 7,100 mark at fresh 14-month highs, on rising commodity prices and strong financial earnings as well as the dovish comments from RBA's interest rate decision yesterday.
The benchmark S&P/ASX 200 Index is gaining 47.90 points or 0.68 percent to 7,115.80, after touching a new 14-month high of 7,122.00 earlier. The broader All Ordinaries Index is up 39.70 points or 0.54 percent to 7,363.20. Australian stocks ended modestly higher on Tuesday.