2017.03.2704:47:00UTC+00Asian Markets Retreat After Trump’s Failure to Pass Healthcare Bill

Asian markets declined amid growing skepticism on U.S. President Donald Trump's ability to pass deals after Republican leaders pulled a bill to overhaul the U.S. healthcare system.

Japan's Nikkei 225 fell 1.44 percent to finish at 18,985.59, as risk-off sentiment caused investors to flock safe haven bids like the Japanese yen. Toshiba shares dropped two percent to 26,885 yen a stock following reports that its U.S. subsidiary Westinghouse might file bankruptcy and seek aid from Korea Electric Power. South Korea's Kospi closed 0.61 percent lower at 2,155.66 after local prosecutors said they will seek a detention warrant for former President Park Geun-hye.

Australia's ASX 200 retreated 0.12 percent at 5,746.69, pressured by the materials sub-index that declined 1.52 percent. South32 said that it will buy back $500 million of its shares. Shares of the Australian miner sold off 1.84 percent to A$2.67. Shares of BHP Billiton fell 2.74 percent, following the copper mine strike in Chile which left the miner with a loss of around $1 billion, according to reports.

The Shanghai composite shed 0.08 percent at 3,266.82 while the Shenzhen composite slipped 0.36 percent at 2,039.4. Hong Kong's Hang Seng was trading 0.71 percent lower by mid-afternoon trade.