China

The Chinese mainland stock markets closed mixed on Wednesday.

The benchmark Shanghai Composite Index gained 16.67 points, or 0.31 pct to close at 5310.72, While the Shenzhen Stock Index lost 48.78 points, or 0.27 pct, to end the day at 18002.00.

Japan

The Nikkei average fell 1.6 percent on Wednesday as property shares including Sumitomo Realty & Development fell on concern about a slowing market while worries about subprime debt hurt banks.

The Nikkei lost 262.02 points to end at 16,158.45.

The broader TOPIX index declined 1.7 percent or 27.27 points to 1,569.47.

Australia

Australian shares closed lower Wednesday after four straight days of gains, dragged down by weakness in banks amid worries about credit markets.

The S&P/ASX 200 closed down 30.6 points, or 0.5 percent, at 6,262.7, after trading between 6,252.0 and 6,355.7.

The All Ordinaries index fell 22.8 points, or 0.4 percent, to 6,274.3.