The S&P/ASX 200 reversed earlier gains to decline 0.18 percent.
Hong Kong’s Hang Seng Index was higher by 0.15 percent while markets on the mainland were slightly lower in early trade. The Shanghai Composite shed 0.09 percent and the Shenzhen Composite was off by 0.044 percent.
Safe haven assets gained, with spot gold hitting a seven-week high in the last session. The yellow metal, which traded as high as $1,294.78 overnight, edged slightly lower to trade at $1,291.55 at 9:32 a.m. HK/SIN.
U.S. Treasury yields fell to their lowest since last November, with 10-year Treasurys falling as low as 2.129 percent overnight. The 10-year yield traded at 2.1555 percent at 9:33 a.m. HK/SIN.
Investors also piled into the yen. Dollar/yen sank to trade at seven-week lows of 109.28 overnight. Dollar/yen last traded at 109.52 yen.
“With the U.K. election, ECB meeting and Comey’s testimony just around the corner, we don’t bank on a quick reversal of fortune for the dollar/yen just yet. Now below 110 and the French election gap, the 108.14 lows are within bearish reach,” said ThinkMarkets Senior Market Analyst Matt Simpson in a Wednesday morning note.
Meanwhile, the dollar index — which measures the dollar against a basket of six rival currencies — fell to its lowest in more than seven months, trading as low as 96.517 overnight. The dollar index rose slightly to trade at 96.629 at 9:34 a.m. HK/SIN.