Asian Equities Drop on U.S. Lead

Asian equity markets declined on Thursday following a sharp selloff on Wall Street overnight and as investors monitored political turmoil in Yemen and volatile oil prices.

Wall Street shares were sold off on Wednesday, with the Nasdaq Composite tumbling more than 2 percent due to large declines in technology and biotech shares. The Dow Jones Industrial Average and S&P 500 both ended over 1 percent lower after February durable goods orders fell, missing expectations for an increase.

U.S. crude resumed its declines following a near 4 percent rally overnight on the back of political conflict in Yemen. Saudi Arabia announced it began military operations in the country at 7pm Eastern time on Wednesday after Yemeni President Abed Rabbo Mansour Hadi reportedly fled Aden as Houthi militants moved closer to the city.

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