Asian shares ease as China trade data continues to weigh

Investing.com - Asian share markets eased on Wednesday on regional growth prospects, particularly in China as the much weaker-than-expected decline in Chinese exports that rocked markets at the beginning of the week continued to be felt.

Hong Kong's Hang Seng Index fell by 1.4% and the Shanghai Composite was 0.3% lower in mainland China.

In addition, there were concerns over the state of the country's corporate sector. Investors remained jittery over signs of weakness in the bond market after last week's default by Chinese solar company Chaori Shanghai Solar Energy Science & Technology Co.

On Wednesday, the focus was on Shanghai-listed Baoding Tianwei Baobian Electric Co., a power equipment manufacturer for the new energy sector. Shares in the company sank 5.1%, while its corporate bond was suspended for a second day, after it reported a full-year net loss for the second consecutive year, which led to a delisting warning.

Japan's Nikkei lost 2.2% as the yen strengthened against the dollar. The greenback fell below the Yen103 level in Asian trading to Yen102.89, adding to a 0.3% fall overnight. However, it picked up slightly and was last trading at Yen103.02.

Elsewhere in Asia, South Korea's Kospi lost 1.2% and Australia's S&P/ASX 200 lost 1.1%, and Singapore's Straits Times Index fell by 0.7%.

Markets were taking a negative lead from the U.S., where Wall Street ended lower Tuesday due to persistent concerns over the situation in Ukraine, as well as the fears over the health of the Chinese economy.

In Australia, a report that showed consumer confidence in the country fell in March, extending its decline from a post-election peak in November, also weighed on sentiment. Stocks of retailers fell as a result: David Jones lost 2.4% and Wesfarmers was 1.6% lower.

Stocks in large miners in Sydney also remained under pressure, with Rio Tinto losing 0.5% and BHP Billiton declining 0.9%. Fortescue Metals Group, which fell precipitously at the beginning of the week, managed to make a recovery and was last up 0.9%.

Overnight, the Dow Jones Industrial Average fell 0.41%, the S&P 500 index fell 0.51%, while the Nasdaq Composite index fell 0.63%.

European indices, meanwhile, finished largely lower.

After the close of European trade, the EURO STOXX 50 fell 0.06%, France's CAC 40 fell 0.48%, while Germany's DAX 30 rose 0.46%. Meanwhile, in the U.K. the FTSE 100 fell 0.06%.