DLF, India's biggest property developer, dropped after the nation's central bank unexpectedly raised interest rates. Babcock & Brown, Australia's second-largest securities firm, plunged a record 28 per cent after saying it was being targeted by short sellers.
BHP Billiton, the world's largest mining company, dropped in Sydney and JFE Holdings tumbled in Tokyo on speculation demand for raw materials and steel will slump.
The MSCI Asia Pacific Index lost 2.7 per cent to 140.48 as of 7:08 pm in Tokyo, its biggest decline since March 17. The measure has slumped 6.6 per cent this week, set for the worst weekly performance since August last year. All 10 industry groups declined today, with five stocks retreating for each that rose.
Japan's Nikkei 225 Stock Average slumped 2.1 per cent to 13,888.60. Mitsui O.S.K. Lines, the biggest merchant fleet operator, dropped after shipping rates fell the most in 11 weeks.
Australia's S&P/ASX 200 Index lost 2.5 per cent. China's CSI 300 Index slid 1.8 per cent, extending a six-day, 13 per cent rout. Most other Asian markets fell. Vietnam stocks gained, snapping a 25-day, 29 percent slump.
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Europe
European stocks rose for the first time in seven days and US index futures climbed after InBev NV offered a record $46.3 billion in cash for Anheuser-Busch and oil's gain of more than $5 a barrel yesterday lifted energy producers.
Europe's Dow Jones Stoxx 600 Index advanced 0.3 per cent to 302.37 at 10:55 am, snapping a six-day retreat, the longest losing streak since 2005. This index fell 17 per cent this year on concern that credit-related losses approaching $400 billion, rising oil prices and higher inflation will erode earnings.
Futures on the Standard & Poor's 500 Index rose 0.4 per cent. National indexes increased in 13 of the 17 western European markets that were open. France's CAC 40 added 0.3 per cent, and Germany's DAX rose 0.4 per cent. The UK's FTSE 100 advanced 0.7 per cent.
US
US stocks retreated on Wednesday, pushing the Standard & Poor's 500 Index to its lowest level in two months, as banks and transportation companies plunged on speculation faster inflation will force central banks to raise interest rates.
The Standard & Poor's 500 Index lost 22.95, or 1.7 per cent, to 1,335.49. The Dow Jones Industrial Average declined 205.99, or 1.7 per cent, to 12,083.77. The Nasdaq Composite Index decreased 54.93, or 2.2 per cent, to 2,394.01.