Asia stocks dip on poor U.S. sales data; Nikkei down 0.60%

Investing.com - Asian stocks were largely lower on Thursday, down on concerns that weak U.S. sales data depicted a cooling economy in the United States, a major trading partner.

During Asian trading on Thursday, Hong Kong's Hang Seng Index was down 0.82%, Australia's S&P/ASX200 was down 0.66%, while Japan’s Nikkei 225 Index was down 0.60%.

The U.S. government earlier reported that retail sales fell by a seasonally adjusted 0.2% in May, while April’s figure was revised to a 0.2% decline from a previously reported gain of 0.1%.

The data represented the first back-to-back decline in two years.

Meanwhile, core retail sales, which are stripped of automobile sales, fell by 0.4% in May, the biggest decline in a year.

Pricing data depicted a sluggish U.S. economy as well.

Producer price inflation fell 0.1% in May, while core producer price inflation fell 0.2% in May, the latter being the largest monthly decline since July 2009.

Europe, another key Asian trading partner, remains mired in uncertainty and stuck in crisis mode, which sent Asian stocks dipping.

European finance ministers recently arranged EUR100 billion for Spain’s banks although fears persist that even when the funding recapitalizes the country's financial institutions, Spain will still carry hefty debt burdens that could hamper access to credit markets.

The yield on Spanish 10-year bonds hit 6.76%, close to the critical 7% threshold deemed unsustainable.

In Hong Kong, top decliners included Esprit Holdings, down 8.35%, CCB, down 5.57%, and Li & Fung, down 2.36%.

In Australia, top decliners included White Energy, down 6.90%, Coalspur Mines, down 6.32%, and Gryphon Minerals, down 4.90%.

European stock futures indicated a flat opening.

France's CAC 40 futures pointed to no change at 0.00%, while Germany's DAX 30 futures signaled a gain of 0.08%. Meanwhile, in the U.K., the FTSE 100 futures indicated no change at 0.00% as well.

Dow Jones Industrial Average futures were up 0.08% while the S&P 500 futures were up 0.10%.

Later Thursday, the eurozone will release consumer price inflation data, while the European Central Bank will release its monthly bulletin revealing the statistical data that the ECB Governing Board evaluated when making its latest decision on interest rates.

The bulletin will also provide detailed analysis of current and future economic conditions.

Also Thursday, the U.S. will unveil inflation data, the latest current account balance and weekly initial jobless claims.