Asian stocks mostly lower after mixed day on Wall Street

Stocks are mostly lower in Asia after a lackluster session on Wall Street, where weak jobs data and pandemic concerns weighed on sentiment

Stocks were mostly lower in Asia on Wednesday after a lackluster session on Wall Street, where weak jobs data and pandemic concerns weighed on sentiment. Shares rose in Tokyo after economic growth for the April-June quarter was revised upward to an annualized 1.9% from an earlier estimate of 1.3%. “Any feel-good factor was ignored, though, given the climb was less than half of the 4.20% fall in Q1," Jeffrey Halley of Oanda said in a commentary. “Japan will be lucky to break even this year as the current Covid-19 wave will almost certainly have weighed on domestic consumption," he said. The ruling Liberal Democratic Party is due to elect a new prime minister to succeed Yoshihide Suga, adding to uncertainty over future policy, but fresh stimulus for the economy is expected in the coming weeks, analysts say.