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Asia markets lower on economic data Asia markets lower on economic data
(about 5 hours later)
Asian markets headed lower on Wednesday as investors became cautious ahead of central bank meetings and economic data this week.Asian markets headed lower on Wednesday as investors became cautious ahead of central bank meetings and economic data this week.
Investors awaited more details from the European Central Bank about its $1.23tn (£834bn) bond-buying program expected to be announced at its Friday meeting. Investors are awaiting more details from the European Central Bank about its $1.23tn (£834bn) bond-buying programme.
In Japan, the benchmark Nikkei 225 was down 1% to 18,626.62 after disappointing data. In Japan, the benchmark Nikkei 225 closed down 0.6% at 18,703.6 - a one-week low - after disappointing data.
The services sector shrank in February after three months of growth. Japan's services sector shrank in February after three months of growth.
Markit's monthly index fell to 48.5 from 51.3 in January, the lowest reading since April. The monthly purchasing managers' index (PMI) from research firm Markit fell to 48.5 from 51.3 in January, the lowest reading since April. A number below 50 indicates contraction in the sector.
A number above 50 shows growth in the sector. Shares of Sharp fell by as much as 10% after S&P cut its credit rating on the company following news that it plans to ask its lenders for more funding. Its shares closed down 5.3%.
Shares of Sharp fell as low as 6.5% after S&P cut its credit rating on the company following news that it plans to ask its lenders for a debt-for-equity swap. The dollar fell to 119.68 yen from 119.74 yen in New York, coming off levels above 120 yen on Tuesday.
The dollar fell to 119.62 yen, off from Tuesday's high of 120.27 yen.
China services growChina services grow
In China, markets headed in opposite directions after a private survey showed that activity in its services sector grew in February as new orders rose at their quickest pace in three months. In China, markets headed in opposite directions after a private survey showed that activity in its services sector grew in February with new orders rising at their quickest pace in three months.
The HSBC/Markit Services Purchasing Managers' Index (PMI) rose to 52 last month from January's 51.8. The HSBC/Markit services PMI rose to 52 last month from January's 51.8.
On the mainland, the Shanghai Composite was up 0.7% to 3,285.75, while Hong Kong's Hang Seng index traded flat at 24,699.17. On the mainland, the Shanghai Composite rose 0.2% to 3,270.89, while Hong Kong's Hang Seng index fell 0.5% to 24,568.63.
Australian shares headed lower after data showed that the economy grew at its slowest pace in 2014 on an annual basis in the fourth quarter. Australian shares closed lower after data showed that the economy grew at its slowest pace in 2014 on an annual basis in the fourth quarter.
The benchmark S&P/ASX 200 was down 0.3% to 5,917.7. The benchmark S&P/ASX 200 was down 0.5% at 5,901.6.
In South Korea, the Kospi index was lower by 0.1% to 1,999.37. Australian regulators also said they were investigating the unusual spike in the Australian dollar before the central bank's decision to leave interest rates on hold on Tuesday.
The currency jumped almost half a US cent to about $0.7823 before the rate announcement and went on to hit a session high of $0.7845 after the decision was announced.
In South Korea, the Kospi index ended down 0.2% at 1,998.29.