Asian markets are mostly lower after shares slumped on Wall Street despite better-than-expected reports on the U.S. jobs market and business activity.

Good news for the U.S. economy is back to being bad for Wall Street as the S&P 500, Dow Jones industrial average and Nasdaq all post losses.

U.S. stock indexes held firmer and finished mixed a day after strong reports on the economy stirred up worries that inflation and interest rates may remain higher than expected. The

Asian shares are mostly lower as Chinese benchmarks skidded and Tokyo stayed closed for the New Year’s holiday. U.S. futures advanced and oil prices also gained.

Wall Street pointed modestly lower Wednesday as markets remain anxious about lingering inflation and the potential for fewer interest rate cuts by the Federal Reserve. Futures for the S&P 500