Asian markets trading lower; Shanghai Composite down 2%

Asian equity markets were in a holding pattern on Wednesday as investors awaited a possible fiscal deal from US Senate lawmakers to extend the government's borrowing authority and avert a debt default.

China's Shanghai Composite shed 1.88 percent or 42.04 points at 2,191.37.

Hong Kong's Hang Seng declined 0.49 percent or 114.72 points at 23,221.80.

Japan's Nikkei was down 0.16 percent or 23.44 points at 14,418.10. 

Singapore's Straits Times was up 0.41 percent or 12.09 points at 3,177.71.

South Korea's Seoul Composite was flat at 2,040.51. 

Taiwan's Taiwan Weighted was down 0.29 percent or 24.66 points at 8,343.22.

With inputs from CNBC

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