Asian markets lower after Wall St tumbles

However, selling was also given impetus by concerns over Spain as well as profit-taking after an impressive run by global markets in recent weeks following easing measures in the United States, Japan and Europe.

Tokyo closed 0.67 percent lower, shedding 59.95 points to 8,954.30, Seoul fell 0.67 percent, or 12.85 points, to 1,913.96 and Sydney ended down 0.82 percent, or 37.3 points, at 4,505.8.

However, Hong Kong ended 0.31 percent higher, adding 66.23 points to 21,763.78. Shanghai edged up 0.07 percent, or 1.54 points, to 2,115.99.

Mumbai was closed for a public holiday.

Investors took fright at big falls in New York after poor earnings figures and guidance from DuPont, United Technologies, UPS, Xerox, Radio Shack and 3M provided evidence that the US corporate earnings boom is stalling.

Chemicals giant DuPont was the stand-out loser, lowering its 2012 outlook after posting a 98 percent fall in earnings in the three months to September. It also said it would cut around 1,500 jobs over the next 18 months.

"The US earnings report season has disappointed, with 60 percent of companies missing revenue forecasts so far," Sean Callow, at Westpac Global Strategy group in Sydney, said in a note.

US shares tumbled. The Dow lost 1.82 percent, the S&P 500 sank 1.44 percent and the Nasdaq lost 0.88 percent.

In Europe, the Bank of Spain forecast the economy would contract 0.4 percent in the third quarter. If confirmed, the figures would mean the recession, which has left one in four workers unemployed, is moving into a second year.

Moody's cut its debt rating for five Spanish regions by one or two notches each, blaming their weak financial positions and looming debt redemptions.

But data out of Beijing Wednesday indicated China's manufacturing sector was showing signs of recovery. The HSBC Purchasing Managers Index (PMI) hit 49.1 this month, the highest level in three months and up from 47.9 in September. A reading above 50 indicates growth.

While the figures mark the 12th straight month of contraction, they also represent the second consecutive monthly improvement and add to recent indications the economy is on the mend after a slowdown.

However, Qu Hongbin, HSBC's chief economist for China, warned that problems in overseas economies including Europe and the United States, as well as China's job market, continue to pressure the economy.

"This calls for a continuation of policy easing in the coming months to secure a firmer growth recovery," he said in a statement.

On currency markets the euro extended losses seen in New York late Tuesday. The single currency bought $1.2960 and 103.43 yen in afternoon trade, compared with $1.2978 and 103.64 yen in New York.

The dollar was at 79.80 yen against 79.84 yen.

Oil was higher, with New York's main contract, light sweet crude for delivery in December, adding 50 cents to $87.17 a barrel in the afternoon and Brent North Sea crude for December gaining 45 cents to $108.70.

Gold was at $1,710.60 at 0800 GMT compared with $1,710.66 late Tuesday.

In other markets:

-- Taipei fell 0.31 percent, or 22.60 points, to 7,314.88.

Taiwan Semiconductor Manufacturing Co. shed 0.35 percent to Tw$85.4 while leading smartphone maker HTC rose 2.13 percent to Tw$263.5.

-- Manila closed 0.62 percent lower, shedding 33.63 points to 5,398.69.

SM Investments dropped 1.57 percent to 816.50 pesos while Ayala Corp. fell 0.14 percent to 433 pesos.

-- Wellington closed flat, edging down 2.81 points to 4,001.45.

Telecom rose 0.2 percent to NZ$2.48 and Contact Energy was up 1.9 percent at NZ$5.51.