Hong Kong (CNN Business) Shares in SoftBank ( SFTBF ) fell 2.5% on Wednesday after the Japanese conglomerate confirmed a massive deal to bail out WeWork, the embattled office space startup.

The deal will give SoftBank up to 80% ownership of the beleagured startup. The Japanese company is pumping $5 billion into The We Company and accelerating a $1.5 billion equity investment originally due next year. It's also offering to buy up to $3 billion worth of stock from existing investors and shareholders.

Asian markets were broadly weaker, too.

Hong Kong'sfell by nearly 0.9% after the city's government said it was having to inject more cash into the local economy to ease the blow from recent protests.

Nikkei 225 N225 Japan'sclosed up 0.3% after trading lower earlier in the day. Japanese markets were closed Tuesday for a holiday.

The subdued mood from investors followed a down day on Wall Street. All three major US indexes closed lower overnight as a handful of big corporate earnings disappointed . Investors are also looking out for the latest developments on Brexit after UK lawmakers demanded more time to scrutinize a withdrawal agreement negotiated with the European Union.

"We are expecting a quiet flat-to-slightly lower day as Asia prefers to take its cues from other markets this week," wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a research note Wednesday.

The International Monetary Fund cut its forecasts for Asia's economic growth to 5% for 2019 and 5.1% for 2020 from 5.4% for both years. The organization cited a number of risks, including the potential for the relationship between the United States and China to deteriorate even more, a faster-than-expected slowdown in China and rising geopolitical tensions.

"Over the past few months, local social unrest has not only damaged Hong Kong's image as a safe city and an international financial, commercial, trade and aviation hub, but also hit the local economy hard," the government wrote in a press release announcing the stimulus measures. "Retail, catering, transport and tourism sectors have suffered a heavy blow."