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Asia slides on trade fears

Asia markets broadly fell on Wednesday, on the back of news that China will be making a request to the World Trade Organization to impose sanctions on the U.S.

In Japan, the Nikkei 225 gave back 60.08 points, or 0.3%, to 22,604.61.

Meanwhile, the Japanese yen traded up against the U.S. dollar at 111.51

In Hong Kong, the Hang Seng dropped 77.51, or 0.3%, to 26,345.04, remaining in bear market territory.

Australian markets settled, as the financial sector slipped by 0.4%, while the Aussie dollar remained lower at $0.7098 U.S.

CHINA

In Shanghai, the CSI 300 fell 22.19 points, or 0.7%, to 3,202.02

On Tuesday, it was revealed that China will approach the WTO next week to request permission to impose sanctions on the U.S. The meeting, which is scheduled to take place on Sept. 21, comes amid an escalation of tensions between the two economic powerhouses on trade issues.

In other markets

In Singapore, the Straits Times STI index regained 14.71 points, or 0.5%, to 3,124.65

In Korea, the Kospi index faded 0.28 points to 2,282.92

In Taiwan, the Taiex index backtracked 29.73 points, or 0.3%, to 10,722.57

In New Zealand, the NZX 50 slumped 30 points, or 0.3%, to 9,195.57

In Australia, the ASX 200 slid 3.75 points, or 0.1%, to 6,175.92