Japanese Nikkei-225 index tanked 3.1% early on as profit booking & worries over inflation saw Asian indices sell-off. Nikkei trimmed some losses to close 1.61% lower. Markets in Taiwan plunged 4.11%. South Korea's Kospi index slipped 1.49%. Australian ASX 200 also ended 0.73% lower.
SGX Nifty was also 0.5% lower and Indian Nifty50 shed 0.7% on Wednesday. Markets in New Zealand and South East Asia (except Malaysia) also ended in the negative.
Chinese stocks defied the trend as macro numbers beat expectations on growth & manufacturing. Shanghai Composite closed 0.61% higher while Shenzen Component advanced 0.7%. Hong Kong's Hang Seng index rallied 0.78%.
Overnight, US indices closed with losses as Dow Jones fell over 450 points with Nasdaq closing almost flat. This as inflation worries rise globally with Asia seeing its biggest sell-off in over 3 months. Bond yields harden to 1.62% while US$ tumbled to new 2 year lows.