Asian markets end mostly in red on Wednesday

Asian equity markets ended mostly in red on Wednesday after Wall Street stocks fell sharply overnight and oil extended declines for a third day on concerns about the pace of global economic recovery. Japanese shares ended lower as a stronger yen hit overall market sentiment amid weak earnings, including those of major Tokyo listing Nomura Holdings, which fell 10%. Hong Kong shares tumbled, led by energy firms as oil prices declined and insurance heavyweights, after Beijing imposed limits on purchases of insurance products in the city by mainlanders using bank cards. Chinese shares followed regional peers lower, despite positive service sector data and fresh measures announced by the government to spur new property investment. Reports showed that China's Caixin purchasing managers' index (PMI) for the services sector showing activity expanded at its fastest pace in six months in January. The index rose to 52.4 in January from a 17-month low reading of 50.2 in December.