Disappointing Europe, US data drags Asian counters lower

Sentiments turned bearish in the Asian region on Thursday and most of the Asian counters snapped the day’s trade in the negative terrain after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth. US payrolls firm ADP reported that just 119,000 private sector jobs were created in April, well off the forecast 170,000, indicating the recent surge in employment could be tailing off. The news from the eurozone too dampened the sentiments that manufacturing in the region continued to taper as nations tighten their belts with austere budget cuts as part of a drive to cut their huge public deficits.

Meanwhile, Hong Kong shares suffered their first loss in three sessions on Thursday, dragged by Chinese banks after Singapore state investor Temasek Holdings priced the sale of stakes in two of China's largest at the bottom of an indicative range while, Seoul shares edged lower on Thursday to snap a four-day winning streak as sentiment was pressured by data showing weaker-than-expected US private sector hiring. However, China shares closed nearly flat as the impact of the latest step in the government’s market-boosting policy to cut transaction fees faded.