Asian Markets Track Wall Street Lower

Asian stock markets are mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, as traders largely stayed on the sidelines ahead of US Fed Chair Jerome Powell’s testimony before the House Financial Services Committee later in the day and the Senate Banking Committee on Thursday for clues about the outlook for interest rates. Asian markets closed mixed on Monday.

The highly anticipated US employment report for February also could affect the outlook for interest rates.

Extending the slight losses in the previous session, the Australian stock market is slightly lower in choppy reading on Tuesday, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 retreated from all-time highs to stay above the 7,700 level, with losses in technology stocks nearly offset by gains in mining stocks.

The benchmark S&P/ASX 200 Index is losing 3.50 points or 0.05 percent to 7,732.30, after hitting a low of 7,711.70 earlier. The broader All Ordinaries Index is down 2.40 points or 0.03 percent to 7,994.10. Australian stocks closed slightly lower on Monday.

Among the major miners, Fortescue Metals and Rio Tinto are gaining more than 2 percent each, while BHP Group is adding more than 1 percent. Mineral Resources is declining almost 2 percent.

Oil stocks are mixed. Origin Energy is gaining almost 1 percent, while Beach energy is losing almost 1 percent and Woodside Energy is edging down 0.4 percent. Santos is flat.

Among tech stocks, WiseTech Global is losing almost 1 percent, Zip is down more than 2 percent, Afterpay owner Block is declining almost 3 percent and Xero is slipping more than 1 percent, while Appen is gaining almost 3 percent.

Gold miners are mostly lower. Evolution Mining is surging more than 5 percent, Newmont is advancing almost 5 percent, Northern Star resources is gaining almost 4 percent, Resolute Mining is adding more than 4 percent and Gold Road Resources is up almost 3 percent.

Among the big four banks,…