Asian markets in red, Gold hovers around $1250

All Asian markets are trading on a lower note on Wednesday. In addition, Japanese Yen was firm against US dollar and was trading around 112.50. On the other side, gold fails to break major resistance at $1278 and was supported just above $1250 levels.

Japanese markets tumbled more than 1% shortly after the open as the yen gained due to safe-haven demand. The Nikkei 225 index was trading 1.36% lower to 16,555.83 points less than an hour into trade, while the broader Topix index fell 1.59% to 1,326.30 points.

In South Korea, Kospi index was trading flat at 1,943.09 points.

Hong Kong's Heng Seng equity index fell 0.68% to 19,876.31 points at the opening bell, while the Shanghai Composite plunged 2.62% to 2,825.48 points.

Australia's benchmark S&P/ASX 200 index traded just 0.52% higher at 5,134.90 points, while New Zealand's S&P/NZX 50 index traded flat at 6,448.20 points.