Asian Shares Fall on Global Growth Worries

Stocks were mostly lower in Asia on Wednesday, with losses in Tokyo and Australia after the U.S. market weakened overnight amid worries about global economic growth.

The Nikkei Stock Average was down 0.4%, after it reopened from a holiday Tuesday.

"Investors will be naturally averse to place bets on risky assets after an overwhelmingly negative overnight session in both the U.S. and Europe, but the dollar's continuing strength will help Japan stocks weather a major fall," said Hiroichi Nishi, SMBC Nikko Securities" general manager for equities. The dollar was trading at Yen108.67 compared with Yen108.88 late Tuesday in New York.

Overnight, investors globally weighed a downbeat report on Europe's economy as well as comments earlier this week by China's finance minister that major changes to the country's economic stimulus efforts aren't likely. A gauge of activity in the eurozone's manufacturing and services sectors for September fell to its lowest level for the year.

Still, losses were limited by slightly better news out of Asia on Tuesday, as Chinese manufacturing activity ticked higher in September.

Starbucks Coffee Japan Ltd. rallied 4.4% on news that its U.S.-based parent Starbucks Corp. will buy the remaining 60% it doesn't already own in its Japanese unit. Aeon Co.'s plans to buy out its supermarket subsidiary Daiei Inc. sent Aeon's shares down 2.1%, while Daiei soared 20%.

Australia's S&P/ASX 200 fell 0.9%, in line with losses in the U.S. and as investors continued to sell shares in banks. Commonwealth Bank of Australia was down 1%, and Westpac Banking Corp. and National Australia Bank Ltd. were down 1.1% each.

The Hang Seng Index was up 0.1%, while the mainland benchmark Shanghai Composite was down 0.5%.

Chinese e-commerce and logistics firm China South City was up 4.0% after Internet giant Tencent Holdings said it plans to boost its stake in the firm.

--Bradford Frischkorn contributed to this article.

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