ASX down 0.6%
Australian shares fell to a two-week low as losses in the financial sector overshadowed better-than-expected data. Australia New Zealand Banking, Commonwealth Bank of Australia and National Australia Bank closed down 1 percent each.
A day after the Reserve Bank of Australia left interest rates at a record low, Australia's first-quarter gross domestic product beat estimates to rise 3.5 percent on year.
Australand Property rallied 5.6 percent after receiving a $2.41 billion takeover offer from Singapore's Frasers Centrepoint, which was higher than a bid made by Stockland last week.
China shares lower
Shanghai stocks extended losses into a second day, down 0.6 percent at a new two-week low. Financials led the losses, with both China Merchants Bank and Huatai Securities nearly 2 percent lower
China Vanke lost more than 2 percent on news that it wants to convert its Shenzhen-listed B-shares to Hong Kong-listed H-shares.
In Hong Kong, the Hang Seng Index fell 0.6 percent after rallying 1 percent on Tuesday. Shares of CITIC Pacific were modestly lower after minority shareholders voted for the company to buy nearly all the assets of parent firm Citic Group.
India's benchmark index pulled back, finishing 0.2 percent lower, after closing a new record high of 24,858 points on Monday.
South Korean markets were closed Wednesday for regional elections.