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.
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