Asian markets closed lower on Wednesday as a sell-off in U.S. and European markets weighed on sentiment during the Asian trading session. The political crisis in Italy took center stage, with investors concerned over its implications for the rest of the euro-zone.
In Japan, the Nikkei 225 tumbled 339.91 points, or 1.5%, to 22,018.52, with the banking and non-ferrous metals sectors among the worst-performing sectors. The Japanese yen on Wednesday held onto overnight gains to trade at 108.68 to the U.S. dollar.
Among individual movers, shares of Nintendo rose 4.3% after the consumer electronics company announced three new Pokemon titles for its Switch console.
In Hong Kong, the Hang Seng Index dumped 427.79 points, or 1.4%, to 30,056.79, with the property sector falling 1.9%. Heavily weighted financials also came under pressure.
Korean markets collapsed, as heavyweights like Samsung Electronics sank 3.5%, and Posco gave up 2%
Australian markets edged down, to their lowest level since April 30. The financials sub-index led the move lower, but gains were seen in gold producers and utilities names.
Losses in Asia came on the back of political turmoil in Italy, which is expected to lead to a fresh vote in the months ahead. The country has been without a government since early March, with anti-establishment political groups abandoning efforts to form a coalition over the weekend amid a dispute with the country's head of state.
In other markets
In Shanghai, the CSI 300 fell 80.64 points, or 2.1%, to 3,723.37
In Singapore, the markets returned from holiday, as the Straits Times index lost 74.53 points, or 2.1%, to 3,443.95.
In Korea, the Kospi index lost 48.22 points, or 2%, to 2,409.03
In Taiwan, the Taiex Index let go of 142.95 points, or 1.3%, to 10,812.17
In New Zealand, the NZX 50 recovered 12.01 points, or 0.1%, to 8,647.86
In Australia, the ASX 200 forfeited 28.82 points, or 0.5%, to 5,984.73
