Asian stock markets kicked off Wednesday mixed, with Australia in focus following the release of the country’s federal budget.
The lack of a strong lead from Wall Street weighed on sentiment. U.S. stocks closed mixed on Tuesday after touching fresh record highs. The Dow rose to an intraday record of 16,735, while the S&P 500 crossed 1,900 for the first time, but both indices were unable to close at those levels.
Australia’s benchmark S&P ASX 200 index lost ground after ending at a two-week high on Tuesday as investors reacted to the government’s new measures to slash the budget deficit.