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Asian Stocks Slip on U.S. Slowdown Concerns

Asian stock markets retreated Thursday after disappointing news on the U.S. economy chilled sentiment in Asia.

The region fell into negative territory after big gains the previous day on upbeat earnings results from chipmaker Intel Corp.

But then U.S. Commerce Department data Wednesday showed retail sales fell 0.5 percent in June, and the Federal Reserve released a weaker economic forecast.

Japan’s Nikkei 225 stock average shed 1.1 percent to 9,683.11 as investors locked in gains from the previous day’s nearly 3 percent rise.

South Korea’s Kospi slipped 0.2 percent to 1,754.58, and Australia’s S&P/ASX 200 fell 0.6 percent to 4,434.2.

In New York Wednesday, the Dow Jones industrials rose just .04 percent to 10,366.72, while the broader Standard & Poor’s 500 index fell 0.02 percent to 1,095.17.

TOKYO (AP)

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