Asian stocks were lower on Thursday amid concerns about global growth and escalating violence in Iraq.
Uncertainty broke Wall Street's record streak overnight, with the Dow Jones stock index losing more than 100 points. Analysts cited many factors for the pullback, including the World Bank lowering global growth forecasts and fears of a sooner-than-expected U.S. rate hike.
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Nervousness also stemmed from developments in Iraq as Al Qaeda-linked groups took control of the northern city of Tikrit on Wednesday, threatening the the Kirkuk-Ceyhan oil pipeline.
"Oil exports out of Iraq have been mostly from the south of the country. The pipeline that runs from Kirkuk has been shut since March so even through the rebels have taken control of that area, there's no impact on the pipeline. The impact is that the pipeline probably won't be re-opened again, so that's a longer-term concern," said John Kingston, global director of news at Platts.