Asian stocks sold down early Thursday on the back of mixed corporate earnings and tracking declines offshore amid renewed concerns over the U.S. economy.
Fresh data showed U.S. economy expanded a meager 0.2 percent in the first three months of the year, thanks to a strengthening dollar and stubbornly frugal consumers amid the harsh winter. The gross domestic product (GDP) print was much lower than the 1.0 percent estimated by Reuters economists and a big step down from the fourth quarter’s 2.2 percent.
Overnight, Wall Street ended lower after the Federal Reserve offered no changes to its zero interest rate policy following weak first-quarter gross domestic product (GDP) data. The Fed’s April statement also removed all calendar references and showed no new guidance on the timing of the rate hike.