Asian equity markets joined Wall Street's slump on Tuesday after oil markets resumed their downward spiral, pushing Shanghai and Japanese shares off multi-year highs.
US crude extended losses in the Asian trading session, hitting a new five-year low of USD 62.25 a barrel before paring losses. Overnight, prices tumbled 4 percent on the back of bearish forecasts, which saw the Dow post its biggest decline since October.
Calls for Chinese stimulus were in focus following Monday's November export growth reading.
Meanwhile, China's Central Economic Work Conference kicks off later today, an annual meeting of policymakers that sets economic priorities for the coming year.
Hong Kong's Hang Seng shed 0.80 percent or 191.29 points at 23,856.38. Japan's Nikkei fell 0.35 percent or 63.34 points at 17,872.30.
South Korea's Seoul Composite slipped 0.31 percent or 6.14 points at 1,972.81. Taiwan's Taiwan Weighted was down 0.47 percent or 43.08 points at 9,144.21.
China's Shanghai Composite declined 0.36 percent or 11 points at 3,009.26. Singapore's Straits Times added 0.75 percent or 24.88 points at 3,322.72.
(with inputs from cnbc.com)