Stocks are heavy across the region after falling on Wall Street on Tuesday.

Especially Chinese shares are under attack.

Today we had a press conference of the State Planner, the National Development and Reform Commission (NDRC), the People’s Bank of China and the Ministry of Finance (MOFCOM).

The NDRC has announced plans to expand the scope of trade in home appliances that qualify for subsidies. This did not provide support for the stock. Couple that with remarks from China’s MOFCOM expressing criticism of the latest US restrictions on Chinese companies and the result is a very soft Shanghai Composite and other indices.