Stocks in Asia were lower on Tuesday following an overnight sell-off on Wall Street sparked by concerns of a slowdown in the global economy. A key speech by Chinese President Xi Jinping did not help lift market sentiments in Asia.

40th anniversary of China reforms

Asian stocks see declines

Japan's Nikkei 225 fell 1.82 percent to close at 21,115.45 while the Topix index declined by 1.99 percent to end the trading day at 1,562.51. Shares of industry heavyweight Fast Retailing fell 1.61 percent. Over in South Korea, the Kospi slipped 0.43 percent as shares of chipmaker SK Hynix declined by 1.77 percent. The in Australia also fell and was lower by 1.22 percent to close at 5,589.5, with almost all sectors seeing losses on the day. The heavily weighted financial subindex fell 1.50 percent as shares of Australia's so-called Big Four banks saw losses on Tuesday. Australia and New Zealand Banking Group fell 2.95 percent, Commonwealth Bank of Australia slipped 0.95 percent, Westpac declined by 1.38 percent and National Australia Bank shed 1.78 percent.

Wall Street slump

Currencies