Asian markets lower on weak data

HONG KONG: Asian markets slipped on Thursday as more weak economic data out of the United States and Britain stoked concerns about the global economy.

Oil prices retreated after a report showed a bigger-than-expected rise in US stockpiles - indicating slowing demand - while they were also weighed by talk in some Western nations of tapping reserves to nullify a recent spike in costs.

Tokyo stocks fell 0.67 percent, or 67.78 points, to 10,114.79, Sydney was 0.13 percent lower, losing 5.6 points to end at 4,337.9, and Seoul fell 0.85 percent, or 17.33 points, to 2,014.41.

In the afternoon Hong Kong shed 1.43 percent and Shanghai lost 0.13 percent.

The losses followed a fall on Wall Street after figures from the US Commerce Department showed a slower-than-expected rise in new orders for manufactured durable goods.

That came after an index of US consumer confidence on Tuesday showed a slip, while home prices continued to fall in January.

The results - added to a cool assessment of the US economy by Federal Reserve chief Ben Bernanke - come after a run of upbeat jobs data that had lifted hopes the recovery is picking up. (AFP)