By Chris Oliver, MarketWatch HONG KONG (MarketWatch) -- Asian stocks traded weaker Wednesday, with markets in Japan and Sydney tilting lower as energy stocks retreated after crude-oil prices slipped below $60 a barrel. Sentiment was tinged by caution following a weaker U.S. session that saw automotive shares hurt by mounting concerns over the health of the industry. Notable movers included Inpex Corp. whose shares fell 4.5% after the oil and gas explorer reduced its fiscal year profit outlook by 15%. The firm said it now expects an operating profit of 723 billion yen ($7.4 billion), and has based its assumptions on average Brent oil prices of $65 a barrel, down from its previous estimate of $95. BHP Billiton and Fortescue Metals Group led mining shares down on the back of overnight falls in industrial commodity prices. Shares of the two Sydney-listed firms were down 2.7% and 11.4% respectively. Japan's Nikkei 225 index saw steeper loses in the afternoon session, retreating 1.1% to 8,713.48. Australia's S&P/ASX 200 fell 1.3% to 3,909.60 and New Zealand's NZX-50 index fell 1% to 2,771.62. South Korea's Composite Index, or Kospi, failed to holder earlier gains, slipping 1.5% at 1,112.11. "We are not seeing panic, but there is a clear lack of support and lack of interest," said Benjamin Collett, head of hedge fund trading at Daiwa Securities SMBC in Hong Kong. Hong Kong's Hang Seng Index was down 1.4% at 13,894.72. Singapore's Strait Times Index traded eased 1.5% at 1,779.57, Indonesia's JSX Composite fell 1.3%, and Malaysia's KLSE composite index was down 1%. Taiwan's Taiex index was also lower, shedding 0.9% to 4,598.13. In Taipei Tuesday, former President Chen Shui-bian was arrested and led away in handcuffs as part of a corruption probe, marking the first time a former Taiwanese leader has faced detention. Elsewhere, China's Shanghai Composite edged 0.8% lower to 1,828.56. Growth in China's retail held near an 11-year high in October, rising 22% from a year earlier, according to data released by the National Bureau of Statistics Wednesday. The growth was in line with analysts' expectations, and suggests dipping property prices and easing GDP growth has so far had little negative impact upon consumer spending habits. In Tokyo, shares of synthetic fiber maker and chemicals group Mitsubishi Rayon Co. jumped 12% after the company Tuesday it had secured an agreement to buy out U.K. counterpart L Lucite International for $1.6 billion in cash. Mitsubishi Corp. led Japanese trading houses lower, with its shares falling 7.4% amid the slide in crude prices. Trading houses such as Mitsubishi have stakes in oil and gas projects and their shares tend to track energy prices. Alibaba.com Hong Kong-listed shares jumped 13% after the firm said Tuesday its board had approved a $258 million share buyback plan. On the futures market, light sweet crude oil was trading at $58.95 a barrel, down as much as 38 cents from overnight levels. The front-month energy contract fell $3.08, or 4.9%, to close at $59.33 a barrel Tuesday on the New York Mercantile Exchange. Against the Japanese currency, the U.S. dollar was quoted at 97.75 yen at midday in Tokyo, compared to 97.59 yen late Tuesday in New York. In Tuesday's action in U.S. markets, the S&P 500 retreated 2,2% to 898.96 and the Nasdaq Composite fell 2.2% to 1,580.9 The Dow Jones Industrial Average fell 2%, with all but one of its 30 components finishing in the red. Shares of General Motors Corp. closed with a 13.1% loss after hitting lows not seen since 1943 on concerns that the automaker might burn through its remaining cash before the end of the year.

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