Stocks retreat from three-month high

Chinese stocks retreated from a three-month high, with materials and energy companies leading the drop, amid signs that recent gains by the market were excessive.

The Shanghai Composite Index fell 0.2 percent, halting a three-day advance, after trade data signaled sluggish consumer demand in the world's second-largest economy. Jiangxi Copper Co paced metal shares lower after rising to this year's highest level. The mainland benchmark gauge's 14-day relative-strength index surpassed 70 on Wednesday for the first time since just before last summer's $5 trillion rout.

Official data released on Wednesday showed a bigger-than-expected decline in imports, which suggests that domestic demand is still weak, according to Australia & New Zealand Banking Group Ltd. China is set to report second-quarter gross domestic product data on Friday, with economists predicting an expansion of 6.6 percent, which would be the slowest since 2009.