Tokyo saw the biggest slump, with the Nikkei 225 plummeting 3.5 percent to end at 16,019. Shanghai’s SSE lost 3.2 percent to end at 2,833 while Hong Kong’s Hang Seng fell 2.5 percent to finish at 20,513.
Prada was one of the biggest losers for the session. Its shares lost 3.5 percent to end at 26 Hong Kong dollars.
It was a tough day all around for retail stocks.
Fast Retailing shed 2.6 percent to end at 29,055 yen. Isetan Mitsukoshi lost 2.4 percent to finish at 977 yen. Chow Tai Fook fell 2.5 percent to 5.38 Hong Kong dollars. Global Brands shed 2.9 percent to 0.68 Hong Kong dollars.