GLNCY Glencore Plc (PK)

Markets across Asia fell Tuesday as worries about the repercussions of a slowdown in China and other emerging markets spreads uncertainty to global markets.

Japan's Nikkei Stock Average was down 2.8% and has turned negative for the year.

Australia's S&P ASX 200 was off 2.7% and Hong Kong's Hang Seng Index fell 3.3% after reopening from a holiday Monday.

The Shanghai Composite Index was off 1.1%.

Emerging-market currencies also fell, with Malaysia's ringgit and Indonesia's rupiah hitting fresh 17-year lows, amid fresh pressure on commodities.

"There's a carry over from Monday," when poor economic data from China knocked down markets yet again, said Tim Condon, a strategist at ING. Then "you wake up and see the U.S. selloff…and that's enough" to spark further declines in Asia.

A regional selloff deepened after China reported Monday that its industrial profits in August had suffered their biggest drop since October 2011. Investors will be looking to manufacturing data later this week for the latest assessment of China's economy.

A series of weak data points from China have added to investors' skittishness about the timing of a rise in U.S. interest rates, which would end an era of cheap borrowing and threatens to stall global growth.

On Monday, both factors spurred steep losses in the U.S. and sent Singapore's FTSE Straits Times Index into bear market territory, defined as a 20% fall from a recent peak. On Tuesday, the benchmark was down another 1.7%.

Energy and mining stocks also are falling across the region after Glencore PLC sank more than 29% to an all-time low in London Monday amid worries about its debt-laden balance sheet and a protracted commodities rout. Shares of Glencore's Hong Kong-listed unit were last down 28%.

Singapore-listed commodities trader Noble Group Ltd. fell as much as 14.6%, its lowest since 2008. Noble Group's share price has fallen as much as 66% this year after accusations of accounting irregularities—which Noble denies—and has failed to pick up despite the firm's largest shareholders staying put.

In China, "there will be more questions than answers about industrial metals and fossil energy," particularly as China stays mum on pushing for more stimulus to counter its economic slowdown, said Mr. Lucas. All three of China's major China oil producers dropped more than 5%: PetroChina Co., China Petroleum and Chemical Corp, known as Sinopec, and Cnooc Ltd. dropped more than 5%. China Shenhua Energy Co., China's biggest coal producer, was down 5.3%.

In Japan, shares of Kobe Steel fell 11% after the Japanese steelmaker cut its profit views citing slower demand in China and lower metal prices.

In currencies, both the Malaysian ringgit and Indonesian rupiah reached fresh 17-year lows against the U.S. dollar. The Singaporean dollar hit a fresh six-year low while the Thai baht was at a fresh eight-year low.

The Australian dollar slipped to $0.6957 from $0.6990 late Monday. The U.S. dollar weakened against the Japanese yen, last trading at ¥ 119.76.

In China, the Ministry of Finance on Tuesday approved another batch of infrastructure projects worth 650 billion yuan ($102.1 billion) to stimulate economy, but analysts says market confidence needs time to recover. Xiao Shijun, analyst at Guodu Securities, said shrinking trading volumes amid China's crackdown on illegal margin loans could limit the market's downward .

Brent crude, the global oil benchmark, was last up 0.2% in Asia trade at $47.43, after sliding 2.6% overnight.

Taiwan's market was closed because of Typhoon Dujuan. South Korea's market was closed for holiday.

Kosaku Narioka, Yifan Xie and Jacky Wong contributed to this article.

Write to Chao Deng at Chao.Deng@wsj.com and Jake Maxwell Watts at jake.watts@wsj.com

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(END) Dow Jones Newswires

September 29, 2015 00:15 ET (04:15 GMT)

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