Asia stocks down for 3rd day, Yellen testimony awaited

Asian stock markets fell for a third consecutive day Wednesday, beset by nerves about shaky global growth, falling oil prices and possible capital shortfalls at major European banks.

Investors are questioning whether European banks such as Deutsche Bank have sufficient capital after a slump in its share price and a record annual loss.

Some are also exposed to the slump in oil prices via their loans to energy companies.

THE QUOTE: "The central bank life support trade of the past eight years has now created this coma-like scenario where markets cannot return to normal trading," said Evan Lucas, market strategist at IG in Melbourne, Australia.

Federal Reserve Chair Janet Yellen begins two days of congressional testimony Wednesday that is keenly awaited by markets.

Since the Fed decided to raise its key interest rate from a record low in December, the U.S. economy has hit some turbulence.