HONG KONG: Asian stocks were mostly lower on Wednesday, weighed down by concerns over a slowdown in China's economy, while oil prices edged back up after big falls in New York.
Receding concerns over the eurozone debt crisis provided support for the euro, which continued its thrust upwards against the yen and greenback.
Tokyo fell 0.21 percent by the break in the first trading session after closing Monday at its highest level since the quake-tsunami disaster in March last year. Sydney was 0.33 percent off and Seoul fell 0.62 percent.
Hong Kong shed 0.33 percent and Shanghai was 0.32 percent lower.
Concerns about China were raised on Tuesday when BHP Billiton said the country's demand for iron ore looked to be flattening as its economy slows, with exports weakening.
The comments by BHP's iron ore president Ian Ashby added to recent data that showed China's biggest trade deficit in February since records began, manufacturing activity plodding and inflation at its lowest since June 2010.
It also comes after China cut its growth target to 7.5 percent for 2012 from last year's 9.2 percent growth and 10.4 percent in 2010.
Regional countries rely on fast-growing China to help drive their own economic expansion. (AFP)
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