Asian Equities Lower on U.S. Growth Concerns

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.