Asia Markets

Asia stocks fall on Ukraine tensions; SoftBank loses over 3%


Asian equities followed their U.S. peers lower on Wednesday on worries that tensions between Russia and Ukraine could escalate into a military conflict.

Poland's foreign minister said on Tuesday that Russia was amassing battalion groups at the Ukrainian border either to put pressure on the country or to invade it. The threat of further aggression sent all three major averages nearly 1 percent lower on Wall Street.

"If Poland is indeed right that Russia is about to increase its presence in the east of Ukraine, buyers of all things risk will disappear fast as this is an undefinable event with an undefinable outcome for markets," said Evan Lucas, market strategist at IG, in a note.

Read MoreWhy an aggressive Russia scares markets most

Nikkei eases 1%

Japan's benchmark Nikkei index fell to its lowest level in six weeks, declining for a fifth straight session.

Toyota Motors shed 0.9 percent despite reporting a 4.4 percent rise in April-June operating profit after the market close on Tuesday and maintaining its forecast for record full-year profits.

SoftBank lost 3.5 percent on reports that Sprint may be dropping its pursuit of T-Mobile due to regulatory challenges. Softbank is the parent company of Sprint.

Geopolitical risks are just 'tantrums': Strategist

China shares lower

The benchmark Shanghai Composite dipped 0.1 percent on profit-taking, down for a second day and retreating further from a seven-month high briefly hit on Tuesday.

Among blue-chips, PetroChina and Industrial and Commercial Bank of China eased 0.6 and 0.3 percent, respectively.

Read MoreCorrection coming for the Shanghai stock rally?

Hong Kong shares shed 0.5 percent, snapping their two-day winning streak.

ASX slips 0.3%

Australia's benchmark dropped to a near three-week low for the second day. Wednesday marked the fourth consecutive day of losses for the index.

Cement maker Adelaide Brighton fell nearly 1 percent after announcing its acquisition of two Australian concrete businesses.

Orica lost over 3 percent after announcing that it intends to separate its chemicals division either through a sale or demerger.

Why Russia will not invade Ukraine

Kospi dips 0.3%

South Korean shares extended losses after finishing at a one-week low in the previous session.

Read MoreWhat Samsung could be doing wrong with smartphones

Samsung Electronics fell over 1 percent after announcing that all patent lawsuits with Apple outside the U.S will be dropped.

Emerging markets drop

Thailand's benchmark SET Index eased 0.4 percent ahead of the central bank's policy decision. The Bank of Thailand kept its main interest rate on hold at 2 percent for the third straight meeting.

India's Nifty index inched down 1 percent while the fell to a near five-month low against the dollar.

Indonesia's Jakarta Composite tanked 1 percent, extending losses from the previous day, after second-quarter growth missed expectations.