Greater China stock indexes led losses as COVID concerns resurfaced, while Asia-Pacific markets traded lower on Wednesday. Oil futures rose after plunging overnight.
In Japan, the Nikkei 225 dumped 315.82 points, or 1.2%, to 26,107.65.
The Japanese yen traded at 135.37 per U.S. dollar, strengthening from more than 136 against the greenback on Tuesday.
In Hong Kong, the Hang Seng index fell 266.41 points, or 1.2%, to 21,586.66, with heavyweight CNOOC falling 4.81%. British bank HSBC’s shares in Hong Kong also fell 3.54% after the Bank of England increased its countercyclical capital buffer rate from 1% to 2%.
The Australian dollar was at $0.6814 after falling against the stronger U.S. dollar.
CHINA
In Shanghai, the CSI 300 faltered 65.57 points, or 1.5%, to 4,423.97.
Shanghai will be conducting mass testing in several districts after COVID cases were detected earlier this week, a statement on the city’s WeChat account said.
Some 11 cities in China were restricting local movement as of Monday, up from five cities a week earlier, according to Ting Lu, chief China economist at Nomura.
In other markets
In Singapore, the Straits Times Index eased back 0.45 points to 3,103.66.
In Taiwan, the Taiex stumbled 363.69 points, or 2.5%, to 13,985.51.
In Korea, the Kospi let go of 49.77 points, or 2.1%, to 2,292.01.
In Australia, the ASX 200 subtracted 34.85 points, or 0.5%, to 6,594.48.
In New Zealand, the NZX gained 175.91 points, or 1.6%, to 11,141.07.
