Asian Markets Mostly lower, ASX Down 1.2%, Hong Kong Down 1%

Asian markets traded on the back foot, after US stocks fell overnight amid renewed global growth concerns and as oil prices lost ground.

"Equity market sentiment seems to be rolling over globally as the wind begins to come out of the oil price rally," said Angus Nicholson, market analyst at spreadbetter IG, in a note Wednesday.

Oil prices retreated overnight, with US crude futures settling down 2.5 percent at USD 43.65 a barrel, while Brent futures settled down 1.9 percent at USD 44.97.

In Sydney, the ASX 200 fell 1.23 percent, weighed by losses in the energy subindex, down 3.48 percent, and the materials subindex, which was lower by 4.47 percent.

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