ASX down 0.4%
Australia's benchmark S&P ASX 200 hit a new three-week low after June trade data showed the economy's trade deficit stood at A$1.6 billion, which was better than estimates for a deficit of A$1.9 billion.
Read MoreAussie miners upbeat despite prevailing headwinds
Bionic ear implant maker Cochlear surged 10 percent after reporting a 7 percent rise in full-year revenue while toll operator Transurban shed 1 percent after posting a 64 percent annual rise in net profit.
Emerging markets in focus
Indonesian's Jakarta Composite index shed 0.2 percent after the country's second-quarter gross domestic product came in at 5.1 percent on year, below expectations for 5.3 percent.
Read MoreIs this the latest sign of the EM recovery?
Indian stocks dipped 0.7 percent in a cautious trading session after the central bank warned about inflationary risks if monsoon rains disappoint.