Markets in Asia traded lower on Wednesday, following an overnight drop in U.S. stocks as investors worried about rising interest rates and the outlook of the economy.
In South Korea, the Kospi was down 15.33 points, or 0.62 percent, at 2,448.81.
Hong Kong's Hang Seng index fell 1.15 percent as of 3:03 p.m. HK/SIN. Chinese mainland markets were mixed with the Shanghai composite declining 10.92 points, or 0.35 percent, to 3,117.99 and the Shenzhen composite rose 4.85 points, or 0.26 percent, to 1,809.25.
Australia and New Zealand markets were shut for the Anzac day public holiday.
"Risk off sentiment heightened after the 10-year U.S. Treasury yield touched 3 [percent] handle for the first time since Jan. 2014," analysts at Singapore's OCBC Bank wrote in a morning note.
"The normalization of U.S. yield at a faster than expected pace raised the concern about equity valuation, which led to increasing market volatility," they wrote. The analysts added that the recent dollar surge paused despite investors trying to "re-establish the correlation between dollar and higher yields."
The dollar index, which measures the greenback against a basket of currencies, traded at 90.981 as of 2:43 p.m. HK/SIN. The index rose from levels below 90.00 reached in the previous week and briefly crossed the 91.00 level in the Tuesday session.
Oil prices fell overnight as concerns that the U.S. might reinstate sanctions against Iran faded.
Trump made his comments during a news conference with French President Emmanuel Macron, who is trying to dissuade his American counterpart from pulling out of the accord.
Still, Eurasia Group analysts said in a note that it did not change their "overall call that the Iran nuclear deal has a 65 [percent] probability of collapsing during Trump's first term."
But many analysts also believe that an oil market slump which started in 2014 has ended and that a sustained price rally is likely due to supply disruptions and strong demand from Asia, according to Reuters.