Asian markets joined the slump in global equities on Wednesday, as the U.S. dollar strengthened and oil prices lost ground.
Japanese markets were again shuttered for holiday
In Hong Kong, the Hang Seng index unloaded 151.11 points, or 0.7%, to 20,525.83
Major resource producers were lower, with shares of Rio Tinto falling 7.5%, while Fortescue Metals was down 4.9%
Fortescue Metals Group CEO Nev Power said on Wednesday that he expects iron ore prices to stabilize, as China attempts to curb commodity market speculation, which had resulted in iron ore future prices rallying. Iron ore China import prices are currently trading at $62.50 U.S. per tonne.
BHP Billiton shares tumbled 9.4% as investors digested news of a 155-billion-real ($43 billion U.S.) civil lawsuit against iron miner Samarco, Vale and BHP Billiton for a dam spill which killed 19 people and polluted a major river in Brazil in November
The Australian dollar/U.S. dollar pair traded at 0.7499, down from levels a tad above 0.77 Tuesday afternoon before the Reserve Bank of Australia surprised markets by announcing a 25-basis-point interest rate cut to a record low 1.75%
The yen retraced some of its sharp advance over the past few sessions, with the dollar-yen pair trading at 107.24
The stronger yen has weighed on Japan's shares, with the benchmark index there falling around 8% since last week when the Bank of Japan surprised markets by holding its policy steady.
In other markets;
The CSI 300 Index let go of 4.08 points, or 0.1%, to 3,209.46
In Singapore, the Straits Times Index shed 38.13 points, or 1.4%, to 2,773.07
In Taiwan, the Taiex Index fell 108.65 points, or 1.3%, to 8,185.47
In Korea, the Kospi index fell 9.7 points, or 0.5%, to 1,976.71
New Zealand’s NZX 50 dropped 18.51 points, or 0.3%, to 6,824.50
The ASX 200 swooned 82.7 points, or 1.5%, to 5,271.14
