Asian stocks ended mostly lower on Wednesday, although a rebound in oil prices in Asian trading helped to limit overall losses to some extent.
Oil futures rebounded from three-month lows after industry data showed a surprise drawdown in U.S. crude stockpiles and investment bank Goldman Sachs reiterated its bullish view on OPEC's compliance with output cuts, saying the oil market rebalancing is "still progressing".
Meanwhile, with the U.S. Federal Reserve looking certain to increase interest rates later today, traders awaited further clarity on the U.S. central bank's interest rate plans for the rest the year.
China's Shanghai Composite index ended marginally higher at 3,241.76 after Premier Li Keqiang's news conference at the end of the annual meeting of China's parliament offered few surprises. Hong Kong's Hang Seng index dropped 35.10 points or 0.15 percent to 23,792.85.
Japanese shares extended losses from the previous session as the yen continued to strengthen against the dollar ahead of central bank policy meetings and the Dutch elections.
The Nikkei average fell 32.12 points or 0.16 percent to finish at 19,577.38 while the broader Topix index closed 0.23 percent lower at 1,571.31.
Toshiba slumped more than 12 percent after the company's shares were put under supervision by the Tokyo Stock Exchange to see if it meets the delisting requirements.
On the macro front, the latest figures from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined less than initially estimated in January. Industrial production fell 0.4 percent sequentially instead of a 0.8 percent drop estimated earlier.
The Bank of Japan is expected to keep its policy rate steady at -0.1 percent and its yield curve target at around 0 percent when it reviews its monetary policy on Thursday.
Australian shares reversed early losses to end a tad higher, as gains in the metals and mining sector offset declines among financials and healthcare stocks. The S&P/ASX 200 index rose 14.90 points or 0.26 percent to 5,774, while the broader All Ordinaries index closed 15.60 points or 0.27 percent higher at 5,813.70.
Miners posted broad-based gains after iron ore futures in China surged more than 5 percent. BHP Billiton gained 1.5 percent and Rio Tinto rose 2.2 percent while smaller rival Fortescue Metals Group soared as much as 5.7 percent.
Banks ended narrowly mixed as investors awaited Fed Chair Janet Yellen's comments on future tightening. Hearing implant maker Cochlear shed 1.4 percent on going ex-dividend.
On the economic front, consumer confidence in Australia showed little movement in March, the latest survey from Westpac Bank and the Melbourne Institute showed with an index score of 99.7.
Seoul shares eased a little bit after recent strong gains in the aftermath of the Constitutional Court ruling last week ousting now former President Park Geun-hye. The Kospi average slipped 0.78 point or 0.04 percent to finish at 2,133 after closing at its highest level in nearly two years the previous day.
South Korea's seasonally adjusted jobless rate rose to 4.0 percent in February from 3.6 percent in January, figures from Statistics Korea showed today.
New Zealand shares followed regional peers lower, with New Zealand Refining, Warehouse Group, Skellerup Holdings and Sky Network Television pacing decliners. The benchmark S&P/NZX 50 index dropped 45.79 points or 0.64 percent to 7,131.30.
The kiwi dollar gained some ground after a government report showed the country's current account deficit shrank more than expected in the fourth quarter.
Singapore's Straits Times index was moving down 0.4 percent after official data showed the country's jobless rate increased as initially estimated in the fourth quarter. India's Sensex was little changed after Tuesday's strong rally on the back of BJP's emphatic victory in Uttar Pradesh.
Elsewhere, Indonesian and Taiwanese shares were marginally lower while Malaysia's KLSE Composite index was down 0.4 percent amid increasing political risks in Europe.
The Netherlands holds parliamentary elections today in the first of several elections across Western Europe. The results will offer fresh insights into whether the populist and nationalist surge that characterized Brexit referendum and U.S. election still has legs.
Overnight, U.S. stocks fell in light trading as oil prices slid to four-month lows and producer price data solidified expectations of a more aggressive tightening path than previously expected.
Airline stocks tumbled as a blizzard swept through the heavily populated northeast, grounding thousands of flights. The Dow dropped 0.2 percent while the S&P 500 and the Nasdaq Composite shed about 0.3 percent each.
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