Investing.com – Asian stocks were down on Thursday after U.S. retail sales fell and the U.S. Federal Reserve cut its growth forecast but declines were limited after China reported a slowdown in growth in response to financial curbs.
Hong Kong's Hang Seng Index was down 1.04%; South Korea's Kospi Composite shed 0.38%; and Japan’s Nikkei 225 Index fell 1.12%.
China's second quarter gross domestic product eased to 10.3% from 11.9% in the first quarter, rising less than expected, as Beijing withdrew fiscal stimulus, raising hopes of a soft landing for the rapidly expanding economy.
In the U.S., the minutes of the most recent meeting of the U.S. Federal Reserve monetary policy committee indicated that members were concerned about continuing high unemployment and a slowdown in inflation.
Major Asian exporters declined on speculation of decreased U.S. demand after the data, with Nissan Motors shedding 3% and LG Electronics down 0.7%.
BHP Billiton Ltd., the world’s largest miner, fell 0.7% on concern slower U.S. growth will dampen demand for commodities.
The outlook for European equity markets, meanwhile, was dim: EURO STOXX 50 futures indicated a fall of 0.44%, France’s CAC 40 futures pointed to a decrease of 0.48% and Germany's DAX futures indicated a decline of 0.37%.
Later Thursday, the U.S. was to publish key data on initial jobless claims.
Hong Kong's Hang Seng Index was down 1.04%; South Korea's Kospi Composite shed 0.38%; and Japan’s Nikkei 225 Index fell 1.12%.
China's second quarter gross domestic product eased to 10.3% from 11.9% in the first quarter, rising less than expected, as Beijing withdrew fiscal stimulus, raising hopes of a soft landing for the rapidly expanding economy.
In the U.S., the minutes of the most recent meeting of the U.S. Federal Reserve monetary policy committee indicated that members were concerned about continuing high unemployment and a slowdown in inflation.
Major Asian exporters declined on speculation of decreased U.S. demand after the data, with Nissan Motors shedding 3% and LG Electronics down 0.7%.
BHP Billiton Ltd., the world’s largest miner, fell 0.7% on concern slower U.S. growth will dampen demand for commodities.
The outlook for European equity markets, meanwhile, was dim: EURO STOXX 50 futures indicated a fall of 0.44%, France’s CAC 40 futures pointed to a decrease of 0.48% and Germany's DAX futures indicated a decline of 0.37%.
Later Thursday, the U.S. was to publish key data on initial jobless claims.