Asian shares slump as global markets struggle

Asian stocks fell on Wednesday as regional markets battled the global headwinds of lacklustre European and US economic data and a renewed drop in oil prices. Analysts warned bourses would continue to track battered commodity prices, with oil falling again Wednesday after Iran's oil minister called a proposal by Saudi Arabia and Russia to freeze production "ridiculous" as it seeks to boost output after years of sanctions-constrained sales. Oil prices were also hit by Saudi Arabia's oil minister A