Asian stocks fell on Wednesday as geopolitical concerns over Iraq overshadowed better-than-expected U.S. data.
U.S. Secretary of State John Kerry urged Kurdish leaders on Tuesday to ally with the government to stop the advance of the Islamic State of Iraq and the Levant (ISIL). Security forces fought the militants on Tuesday for control of the country's biggest oil refinery after the rebels launched an attack on one of Iraq's largest air bases, located less than 100 kilometers from Baghdad.
A negative handover from Wall Street underpinned losses in Asia. The Dow Jones Industrial Average posting its biggest drop in a month despite a raft of positive data. Consumer confidence surged more than expected in June, new home sales for May rose more than forecast, and the S&P/Case-Shiller home price index for April showed a 10.8 percent annual increase.