Asian Equities Open at Multi-Week Lows after U.S. Lead

Asian equities started Wednesday on the back foot, as stocks on Wall Street dropped amid renewed concerns over the state of the U.S. economy.

Overnight, U.S. shares shaved off about 1 percent as investors eyed higher bond yields and an unexpectedly wide March U.S. trade deficit, which sparked concerns about economic growth for the first quarter.

The tech-heavy Nasdaq underperformed, falling 1.6 percent to close below the 5,000 mark. With the blue-chip Dow and the S&P 500 losing 0.8 and 1.2 percent, respectively, all three major indexes failed to hold above psychologically key levels, closing below their 50-day moving averages.