Asian stocks open lower as faith in global recovery slips

NEW YORK: Asian stocks opened lower on Thursday, tracking a sharply lower Wall Street session amid fresh concerns that the global economic recovery is running out of steam.

The data comes after a Federal Reserve official said it will be hard to boost employment without further government stimulus."Equity sentiment remained positive in Europe but quickly soured in the U.S. as Fed speakers urged further fiscal support for the economy," Westpac Institutional Bank analysts said in a note.In Asia, E-mini futures for the S&P 500 fell 0.11per cent, Australia's S&P/ASX 200 lost 1.6per cent and Japan's Nikkei 225 declined 0.56per cent.

On Wednesday, the Dow Jones Industrial Average fell 1.92per cent, the S&P 500 lost 2.37per cent and the Nasdaq Composite dropped 3.02per cent. Oil prices advanced slightly after reports that inventories were down across the U.S. but gains were muted by uncertainty about demand going forward as travel remains limited due to the pandemic.

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