CANBERA (dpa-AFX) - Asian stock markets are extending losses on Wednesday from the previous session following the continued weakness overnight on Wall Street as disappointing corporate earnings results, the plunge in crude oil prices and U.S.-China trade tensions added to worries about global economic growth and dampened investor sentiment.
The Australian market is extending its losing streak to a fourth straight session, falling to almost two-year lows, following the overnight plunge on Wall Street and on weak commodity prices.
The benchmark S&P/ASX 200 Index is losing 58.10 points or 1.02 percent to 5,613.70, after touching a low of 5,594.00 earlier. The broader All Ordinaries Index is down 64.70 points or 1.12 percent to 5,694.50. Australian shares fell modestly on Tuesday.
The major miners are notably lower after metals prices fell overnight. Fortescue Metals is declining more than 3 percent, BHP is losing almost 3 percent and Rio Tinto is lower by more than 2 percent.
Oil stocks are also weak after a more than 6 percent fall in crude oil prices overnight. Santos is falling almost 4 percent, Woodside Petroleum is losing more than 3 percent and Oil Search is down almost 1 percent.
In the banking sector, ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac are lower in a range of 0.2 percent to 0.8 percent.
In the tech space, Afterpay Touch Group is falling almost 6 percent, Computershare is down 3 percent and Altium is losing almost 2 percent.
Gold miners are mixed after gold prices snapped a four-day winning streak to close lower overnight. Newcrest Mining is adding 0.2 percent, while Evolution Mining is lower by 0.6 percent.
The Reject Shop said it will consider a 'somewhat opportunistic' A$78 million takeover bid for it from Allensford, but urged its shareholders to not sell shares before it makes a recommendation. The troubled discount retailer's shares are gaining more than 15 percent.
Shares of Coles are also slated to float on the stock exchange after it's A$20 billion demerger from conglomerate Wesfarmers. Meanwhile, shares of Wesfarmers are tumbling almost 29 percent.
On the economic front, Australia will provide October numbers for skilled vacancies and for the leading index from Westpac Bank today.
In the currency market, the Australian dollar fell further against the U.S. dollar on Wednesday. The local currency was quoted at $0.7214, down from $0.7276 on Tuesday.
The Japanese market is losing after Wall Street extended a sell-off overnight amid mounting worries about global economic growth.
The benchmark Nikkei 225 Index is losing 152.31 points or 0.71 percent to 21,430.81, after touching a low of 21,243.38 in early trades. Japanese shares hit a three-week low on Tuesday.
Nissan Motor's shares are adding almost 1 percent after recent steep losses following the arrest of its chairman Carlos Ghosn. Mitsubishi Motors' shares are up 0.3 percent after the company said it will maintain its alliance with Nissan Motor.
Among the other major automakers, Toyota and Honda are losing more than 1 percent each.
The major exporters are losing despite a weaker yen. Mitsubishi Electric is down almost 4 percent and Sony is declining 1 percent. Panasonic and Canon are lower by more than 1 percent each.
In the banking sector, Sumitomo Mitsui Financial is lower by 1 percent and Mitsubishi UFJ Financial is down almost 1 percent.
In the oil space, Inpex is losing 4 percent and Japan Petroleum is declining almost 2 percent after crude oil prices fell more than 6 percent overnight.
Bucking the trend, tech stocks are rebounding. Advantest is gaining almost 5 percent and Tokyo Electron is rising more than 4 percent. SoftBank's shares are up 0.6 percent after the company said it will invest $2 billion in South Korean online retailer Coupang.
Takeda Pharmaceutical's shares are losing more than 3 percent despite news that the company cleared the last regulatory hurdle for its $62 billion acquisition of Shire plc with the approval by the European Union.
Among the other major gainers, Screen Holdings is rising more than 3 percent and Mineabea Mitsumi is advancing almost 3 percent.
On the flip side, Takashimaya Co. is falling more than 17 percent and Mitsubishi Electric is losing almost 5 percent. Ebara Corp. and Toyota Tsusho are declining more than 4 percent each.
On the economic front, Japan will see September results for its all industry activity index as well as October figures for supermarket and department store sales today.
In the currency market, the U.S. dollar is trading in the upper 112 yen-range on Wednesday.
Elsewhere in Asia, New Zealand, Shanghai, South Korea, Indonesia, Malaysia, Hong Kong, Taiwan and Singapore are also lower.
On Wall Street, stocks extended their sell-off on Tuesday, partly reflecting a negative reaction to the latest batch of earnings news from companies such as Target and a continued decline by shares of Apple. Department store operator Kohl's and Victoria's Secret parent L Brands also posted steep losses after reporting their quarterly results.
The Dow plunged 551.80 points or 2.2 percent to 24,465.64, the Nasdaq tumbled 119.65 points or 1.7 percent to 6,908.82 and the S&P 500 slumped 48.84 points or 1.8 percent to 2,641.89.
The major European markets also moved to the downside on Wednesday. The U.K.'s FTSE 100 Index slid by 0.8 percent, the French CAC 40 Index slumped by 1.2 percent and the German DAX Index tumbled by 1.6 percent.
Crude oil prices plunged sharply on Tuesday as rising concerns about global economic outlook outweighed optimism about production cuts by OPEC and allies. WTI crude for January delivery plunged $3.77 or 6.6 percent to close at $53.43 a barrel, its lowest closing level in a year.
Copyright RTT News/dpa-AFX