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Asian shares stepped back further from two-month highs on Wednesday as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early trade, shedding 1.4 percent from its two-month high hit on Monday. Japan's Nikkei fell 1.0 percent in morning trade.
"Although oil prices have risen sharply from the trough, many investors are not yet convinced if things have improved that much and I suspect they judged now is a good time to sell," said Tatsushi Maeno, managing director of PineBridge Investments. "But I do believe that this year the global economy will prove better than last year," he added.
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