Asian stocks slip as Fed hike nears

Asian bourses were trading broadly lower on Wednesday after similar moves on Wall Street overnight weighed on investor sentiment.

Investors have for some time been trying to gauge when the Fed will raise interest rates, with most anticipating that September will be the Fed's preferred choice of timing. Friday's non-farm employment figures will offer some insight into whether the economy is ready for a rate hike or not.

Japan's benchmark Nikkei 225 index lost 0.17% to trade at 20,486.00 points within the first hour of trade, while Tokyo's broader Topix gauge slipped 0.15% to 1,657.36 points.

Hong Kong's benchmark Hang Seng index advanced 0.22% to 24,460.54 points at the opening bell, and mainland China's benchmark Shanghai Composite shed 0.55% to trade at 3,737.80 points.

Korea's benchmark Kospi index slipped 0.11% to 2,025.75 points this morning in Seoul.

The benchmark Australian S&P/ASX 200 index fell 0.87% to 5,649.60 points in Sydney, with media stocks taking a dive.

New Zealand's benchmark S&P/NZX 50 index rose 0.27% to 5,949.83 points this afternoon in Wellington.