The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong slid 1 percent, poised for the lowest close in two months. Profits for China's state-owned companies fell 11 percent in the first two months this year, according to a statement posted on the finance ministry's website. Revenue increased 9.9 percent.

All 10 industries in the MSCI gauge of Asian shares outside Japan declined. Australia's S&P/ASX 200 Index and South Korea's Kospi Index slid 0.4 percent. The BSE India Sensitive Index, or Sensex, added 0.6 percent.

The MSCI Asia Pacific Excluding Japan Index (MXAPJ) lost 0.5 percent as of 1:18 p.m. in Tokyo. The Shanghai Composite Index slid 0.8 percent, while Standard & Poor's 500 Index futures were little changed. Australia's dollar fell 0.3 percent. The S&P GSCI commodity gauge declined 0.4 percent, led by wheat and corn. Oil dropped 0.4 percent to $107.63 a barrel.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.