Asia remains down in the dumps on china

Asian markets were trading mostly lower on Wednesday after a risk-off sentiment plagued global markets overnight, following the release of new data which pointed to an ongoing slowdown in China. China's factory Purchasing Managers' Index fell to a three-year low of 49.7 in August, according to a release on Tuesday, where a figure above 50 signals expansion and a reading below 50 indicates a contraction.

Japan's benchmark Nikkei 225 index rose 0.18% to 18,197.85 points within the first hour of trade on Wednesday, but Tokyo's broader Topix gauge fell 0.44% to 1,471.57 points.

Hong Kong's benchmark Hang Seng index lost 0.62% to trade at 21,062.86 points at the opening bell, and mainland China's benchmark Shanghai Composite plunged 4.50% to 3,024.18 points at the same time.

Korea's benchmark Kospi index fell 0.66% to 1,902.55 points this morning in Seoul.

The benchmark Australian S&P/ASX 200 index slid 0.99% to 5,045.70 points in Sydney, with oil stocks leading declines after China's manufacturing data weighed on oil futures overnight.

New Zealand's benchmark S&P/NZX 50 index plunged 1.52% to 5,569.31 points this afternoon in Wellington.