Asian markets closed mostly down after selling off on Monday, with some energy stocks seeing a rebound after oil prices rose in the U.S. session.
The Nikkei 225 index tumbled another 317.52 points, or 1.7%, to 18,565.90
The Hang Seng index in Hong Kong fell 35.48 points, or 0.2%, to 21,274.37
Japan's Inpex closed down 1.1% while Japan Petroleum was down 1.6%.
Export stocks such as Toyota, Nissan, Honda, and Sony all closed down as much as 3.6% while index heavyweight Fast Retailing trimmed morning gains and closed 1.2% lower.
Toshiba shares lost early gains to finish flat after a report from Nikkei business daily said the company plans to cut up to 7,000 jobs in its lifestyle business, which includes consumer appliances. Toshiba responded to the reports and said it was considering various options for restructuring and that the Nikkei report was not based on any company announcements.
The Japanese yen traded higher at 120.78 against the U.S. dollar.
In South Korea, shares in blue-chip companies were mostly in positive territory. Samsung Electronics was up 1.3%, Hyundai Motor up 0.66 percent. LG Electronics was up 4.4%
South Korean oil refineries traded lower shares in S-Oil were down 1.24 percent, SK Innovation down 0.4%, and GS Holdings down 0.6%
The Australian market closed the ASX 200 at its lowest since July 2013.
Shares in four of Australia's largest banks - ANZ, Commonwealth Bank of Australia, Westpac, and NAB - closed down as much as 1.4%
In Australia, oil producers closed mixed with shares in Oil Search up 1.4%, Woodside Petroleum down 0.8%, and Santos down 1.8%
Oil Search announced that it has signed two power purchase agreements with state-owned PNG Power which, the company said, is expected to create over 500 permanent full time jobs in the local area. Reports said the project aims to provide up to 100 MV of additional electricity generating capacity.
CHINA
The CSI 300 in Shanghai slid 16.93 points, or 0.5%, to 3,694.39
CNOOC was up 2.3%, PetroChina up 1.4% and Sinopec up 1.4%
CNOOC and Royal Dutch Shell have reportedly agreed to double the capacity in their jointly-owned ethylene plant in Guangdong province.
On the data front, China will release November foreign direct investment (FDI) numbers.
Moody's Analytics predicted $10 billion U.S. in FDI for November, pretty much unchanged on-year. The firm said China's slowing economy was reducing incentives for foreign investors - in October, after Beijing cut interest rates, there was a large capital outflow for the month.
Before trading began, the People’s Bank of China once again set the midpoint for the yuan at fresh four and a half year low at 6.4559 per U.S. dollar, 0.1% weaker than the previous fix of 6.4495. The yuan is then allowed to trade within a range of 2% above or below the official fixing rate.
The yuan traded lower against the U.S. dollar at 6.465.
In other markets
In Singapore, the Straits Times Index eked up 0.48 points to 2,815.52
The Kospi index in Korea moved up 5.15 points, or 0.3%, to 1,932.97
Taiwan’s Taiex index progressed 33.19 points, or 0.4%, to 8,073.35
In New Zealand, the NZX 50 regained 5.3 points, or 0.1%, to 6,040.55
The ASX 200 faltered 19.04 points, or 0.4%, to 4,909.56
