Asian stock indices closed lower following a sell-off on Wall Street. Yesterday's sell-off on Wall Street was triggered by the disappointing U.S. economic data. The U.S. retail sales declined 0.3% in September, missing expectations for a 0.1% drop, after a 0.6% gain in August.

The U.S. PPI fell 0.1% in September, missing expectations for a 0.1% gain, after a flat reading in August.

The NY Fed Empire State manufacturing index decreased to 6.2 in September from 27.5 in August. Analysts had expected the index to decline to 20.3.

Investors speculate that the Fed could delay its interest rate hike.

New loans in China increased to 857.2 billion yuan in September from 702.5 billion yuan in August, exceeding expectations for a rise to 750 billion yuan.

Indexes on the close:

Nikkei 225 14,738.38 -335.14 -2.22%

Hang Seng 22,900.94 -239.11 -1.03%

Shanghai Composite 2,356.5 -17.17 -0.72%