Asian stocks fail to hold gains, turn lower along with oil

Asian stocks fail to hold gains, turn lower along with oil

SEOUL, South Korea (AP) — Asian stock markets were mostly in the red Thursday, surrendering early gains as oil drifted lower and sentiment remained fragile following big swings on Wall Street.

Stock markets have taken a beating along with the price of oil as investors believe stock prices have risen too high at a time when the near-term global economic outlook is for modest growth rather than a strong upswing.

The IMF lowering its forecast for global growth this year to 3.4 percent, oil falling below $30 a barrel and China's growth slowing to a 25-year low last year have all contributed to the sell-off this week.

The European Central Bank is expected to keep interest rates on hold at ultra-low levels when its governing council meets later in the day as it monitors risks from turmoil in global markets.