Asian stock markets slid Wednesday, with Japanese shares registering their biggest fall of the year, as concerns grew that rising oil prices will damage the global recovery. An overnight slide on Wall Street also hurt sentiment.

Japan's Nikkei Stock Average fell 2.4% to 10492.38, its biggest percentage loss since Aug. 31 and its first loss in four sessions. Hong Kong's Hang Seng Index dropped 1.5% to 23048.66, also breaking a three-day wining streak, while Australia's S&P/ASX 200 declined 0.5% to 4803.21, China's Shanghai...