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Asian stocks retreated on Wednesday, with uncertainty over the Federal Reserve’s future rate hike path, more disappointing Chinese economic data and fresh concerns over the health<\/span> of the U.S. banking sector keeping investors nervous. <\/p>\n U.S. consumer spending continues to show signs of persistent strength, raising concerns that interest rates will remain higher for longer. <\/p>\n Data showed that China’s house prices continued to decline in July, in a further sign of the property slowdown. <\/p>\n Fitch has warned that it may downgrade dozens of U.S. banks including JP Morgan Chase because of turbulence in the industry. <\/p>\n The dollar was on the front foot in Asian trade and oil extended overnight losses on China demand worries while gold edged up slightly against a backdrop of risk aversion.<\/p>\n Chinese shares fell sharply on signs of a faltering economy<\/span> and the lack of meaningful stimulus from policymakers to revive growth. <\/p>\n The benchmark Shanghai Composite index fell 0.82 percent to 3,150.13 while Hong Kong’s Hang Seng index tumbled 1.36 percent to 18,329.30.<\/p>\n Japanese shares closed at a more than two-month low on concerns about weakening growth in China and fears of a possible downgrade of U.S. major banks. <\/p>\n The Nikkei average slumped 1.46 percent to 31,766.82 while the broader Topix index settled 1.29 percent lower at 2,260.84.<\/p>\n Banks led losses, with Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial losing 2-3 percent. <\/p>\n Uniqlo brand owner Fast Retailing gave up 1.9 percent and technology<\/span> investor SoftBank lost 3.1 percent. <\/p>\n Seoul stocks slumped and the Korean won weakened to a three-month low in the wake of rising global uncertainties. The Kospi average plummeted 1.76 percent to 2,525.64.<\/p>\n Australian markets<\/span> succumbed to selling pressure on China jitters, with tech, mining and financial stocks pacing the decliners. <\/p>\n The benchmark S&P\/ASX 200 ended down 1.50 percent at 7,195.20, marking its biggest fall in about six weeks. The broader All Ordinaries index closed 1.44 percent lower at 7,411.80. <\/p>\n Lender NAB fell over 1 percent despite announcing plans to buy back as much as A$1.5 billion ($970 million) of its shares to help further bolster its balance sheet.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P NZX-50 index recouped some early losses to finish 0.49 percent lower at 11,763.11 after the Reserve Bank kept interest rates steady. <\/p>\n U.S. stocks hit a five-week low overnight while longer-term Treasury yields hit their highest levels this year after data showed retail sales rose more than expected in July, denting dovish Fed bets. <\/p>\n The sell-off was compounded by weak economic data from China and a warning from Fitch that U.S. banks, including JPMorgan Chase, could be downgraded.<\/p>\n The Dow dropped 1 percent, the S&P 500 declined 1.2 percent and the tech-heavy Nasdaq Composite fell 1.1 percent. <\/p>\n<\/p>\n<\/div>\n