Asian stocks extend the drop ahead of UK PM May’s speech

The Asian markets extend losses for the second straight session on Tuesday, as impending Hard-Brexit concerns continue to dampen sentiment, as investors gear up for the UK PM May’s speech due later today. According to the UK Press, May will announce a "clean" and "hard" Brexit today.

Moreover, President-elect Donald Trump's inauguration at the end of this week, also keep markets on the edge. Hence, demand for the safe-haven yen remains on the rise, weighing down on the Japanese exports-oriented stocks tumbled over 1% after increased flight to safety pushed the yen higher across the , dragging the benchmark index lower.

The Japanese benchmark, the Nikkei 225 index slumps -0.81% to 18,940. The Australian benchmark, ASX 200 index drops -0.80% to 5,702 points. Mainland Chinese markets extend losses, with both Shanghai composite and Shenzhen’s CSI 300 index sliding nearly 0.40%. Hong Kong's Hang Seng gains +0.44% to 22,818.