Stocks in Asia slide following overnight slip on Wall Street

In Japan, the Nikkei 225 slipped 0.48% in early trade as shares of Apple supplier Japan Display plummeted more than 11.5% after the company announced new restructuring plans, with the company’s president and CEO set to step down. The Topix index also declined 0.86%.

Over in South Korea, the Kospi shed 0.25% as shares of chipmaker SK Hynixdropped more than 2%. The ASX 200 in Australia traded marginally higher.

Investors will be watching out for market reaction from Hong Kong’s Hang Seng index. It closed 1.73% lower on Wednesday, having lost as much as 2% in the afternoon, amid violent clashes between protesters and riot police over a controversial extradition bill.

Overnight on Wall Street, the Dow Jones Industrial Average slipped 43.68 points to close at 26,004.83 while the S&P 500 ended its trading day 0.2% lower at 2,879.84. The Nasdaq Composite lagged, sliding 0.4% to close at 7,792.72.

Wednesday’s declines stateside came following muted trading action in the previous session. The Dow closed marginally lower on Tuesday, ending a six-day winning streak.

Oil prices plunged on Wednesday following data that showed an unexpected increase in U.S. crude inventories for the second week in a row, against the backdrop of fears that fuel demand could weaken amid the U.S.-China trade fight.

U.S. West Texas Intermediate crude futures plunged $2.13 to $51.15 per barrel, tumbling 4% on the day to a new five-month low. Brent crude, the international benchmark for oil prices, fell $2.32 or 3.7%, at $59.97 a barrel, its first settle below $60 since January.

In the morning of Asian trading hours on Thursday, oil prices bounced slightly from those losses. U.S. crude futures rose 0.18% to $51.23 per barrel, while Brent added 0.13% to $60.05 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.960 after rising from levels around 96.6 yesterday.

The Japanese yen changed hands at 108.48 against the dollar after seeing levels below 108.3 in the previous session. while the Australian dollar traded at $0.6931 after slipping from the $0.696 handle yesterday.

— CNBC’s Fred Imbert and Tom DiChristopher contributed to this report.