Asia stocks set to fall on Fed's dour outlook

Asian stocks were set to fall on Thursday after gloomy economic projections from the U.S. Federal Reserve sent the greenback and most Wall Street shares lower.

Australian S&P/ASX 200 futures were down 1.08per cent, while Japan's Nikkei 225 futures fell 1.2per cent. Hong Kong's Hang Seng index futures were 0.31per cent lower. The Nasdaq benchmark, however, continued its record-breaking rally for the third consecutive session helped by gains in shares of Microsoft and Apple, with investors viewing technology as a defensive sector with massive growth opportunities, Cox added.

The greenback fell about 0.4per cent against a basket of major currencies to 95.882 after earlier sliding to 95.714, a level not seen since mid-March. Benchmark 10-year Treasury yields fell 9 basis points to 0.744per cent. Two-year yields, which are the most sensitive to rate changes, fell 3 basis points to 0.177per cent.

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