Stateside, all three major U.S. indices closed in the red after the March FOMC minutes were released, with the Dow Jones industrial average and S&P 500 recording their largest one-day reversals since February 2017. Last month`s FOMC minutes reflected Fed officials` intention to unwind the central bank`s balance sheet later in the year if economic data holds up.
Meanwhile, ADP payrolls data showed that 263,000 workers were added in March, higher than market expectations of 185,000.
"The reaction here has been quite punchy and it`s interesting that there were no real discussions about a lesser need to hike rates if the balance sheet is also being used as a policy tool – a theme Bill Dudley has been pushing of late," said Chris Weston, chief market analyst at spread-better IG, in a Thursday note.
In corporate news, Toshiba reportedly sacked the chairman of Westinghouse Electric, its U.S. nuclear subsidiary, before the latter filed for bankruptcy last week. The Japanese conglomerate faces billions of dollars in losses due to massive cost overruns incurred by Westinghouse. Toshiba shares were 1.07 percent lower in early Asian trade.
In Australia, miner Glencore declared force majeure on coal shipments after Cyclone Debbie hit the northeastern state of Queensland, damaging a railway pass that connected coal mines to ports. Force majeure is typically invoked after events beyond the control of companies, such as natural disasters, occur.
Four other miners in the region, including the world`s largest coking coal shipper BHP Billiton, have declared force majeure, Reuters reported. BHP shares declined 0.65 percent.
Korean automakers were also under pressure in Asian trade. Kia Motors was trading 0.56 percent lower while Hyundai Motor shares tumbled by 1 percent.
South Korean automakers are expected to come under pressure due to poorer sales in China and the U.S., said Angela Hong, research analyst at Nomura, in a note. Hong said Hyundai Motor was likely to experience a further fall in net profits due to rising credit losses and funding costs.
On the energy front, oil prices eased after nearing one-month highs as supply outages in the North Sea were offset by an increase in U.S. crude inventories.
During Asian trade, Brent futures traded lower by 0.33 percent to $554.18 a barrel while U.S. crude fell 0.41 percent to $50.95.
In FX markets, the dollar was weaker at 100.450 against a basket of major currencies at 9:47 am HK/SIN time. The dollar/yen was lower for the fifth consecutive session at 110.48 as the yen strengthened on safe-haven buying. The Australian dollar was steady at $0.7554, but still lower compared to levels around $0.76 seen before the RBA decision to hold policy on Tuesday.
On the economic data calendar, China will report its Caixin market services Purchasing Managers` Index (PMI), Japan`s March consumer confidence is also on tap, followed by the Reserve Bank of India`s monetary policy decision due later.
Markets in Thailand and Vietnam are closed for public holidays.
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