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Asian stocks drop on US slide and weak commodities

FXStreet (Mumbai) - The stock markets across Asia retreated on Thursday following a depressing lead from Wall Street and due to lower commodity prices.

The regional ETF iShares MSCI Pacific ex Japan lost 0.71%. Shanghai Composite dropped almost 1%, while Hang Seng shed about 0.8%. Nikkei average in Japan fell 0.90%. Expectations of further stimulus from the Bank of Japan (BOJ) had taken the Nikkei average on an upward ride in the recent sessions.

Meanwhile, shares in Australia edged 0.20% higher as rally in Santos shares lifted the energy counters.

Major US averages finished lower overnight, while crude oil prices slid more than 2% to three-week lows. However, oil prices saw a moderate technical recovery in Asia today.

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