Asian markets dip on Thursday, as China lowers economic growth forecast for 2015

On Thursday Asian stock markets were mostly lower, as China, the world's second-largest economy, lowered its economic growth forecast for 2015 to about 7%, and as markets tracked weak cues from Wall Street.

Market players are also wary ahead of Thursday's European Central Bank meeting, which will be held in Cyprus. The ECB is expected to provide details on its quantitative easing measures.

The Australian market opened lower, tracking the weak cues overnight from Wall Street. Banks and mining stocks are weak.

In late-morning trades, the benchmark S&P/ASX 200 Index lost 17.50 points or 0.30% to 5,884.10 after earlier declining to 5,871.70. The All Ordinaries Index is declining 16.8 points or 0.29% to 5,854.70.

In the mining sector, BHP Billiton (BHP) is declining 1.7% and Rio Tinto (RIO), trading ex-dividend since Wednesday, is losing 1.8%.

Fortescue Metals gained more than 2% after the company said it is refinancing AUD3.2 billion of debt to shore up its balance sheet. Gold miner Newcrest Mining is down 0.7%.

Among the major banks, ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are lower in a range of 0.05 to 0.5%, amid continuing disappointment over the Australian central bank's decision to put interest rates on hold.

Macquarie Group shares are advancing 1.2% after the company completed a capital raising of AUD500 million to fund its USD4 billion acquisition of the AWAS aircraft operating lease portfolio.

As of the economy, the Australian Bureau of Statistics said Thursday that Australia posted a merchandise trade deficit of AUD980 million in January, representing a deficit increase of AUD477 million or 95% decline over the previous month. The Australian Bureau of Statistics also said that the total value of retail sales in Australia was up a seasonally adjusted 0.4% on month in January, standing at AUD23.880 billion. That was in line with expectations following the 0.2% increase in December.

The Japanese market recovered from initial losses and climbed into positive territory, as exporter stocks were propped up by a slightly weaker yen.

The benchmark Nikkei 225 Index added 49.11 points or 0.26% to 18,752.71 in late-morning trades, after touching a low of 18,655.36 in early trades.

Among other markets in the Asia-Pacific region, Shanghai, Singapore, Hong Kong, Malaysia, New Zealand and Taiwan are in negative territory. Meanwhile, South Korea and Indonesia were marginally higher.

On Wall Street, stocks closed lower on Wednesday, extending the pullback that was seen in the previous session. The early weakness on Wall Street was partly due to profit taking. Traders were also reacting to a report from payroll processor ADP showing a notable slowdown in the pace of private sector job growth in the month of February.

The Dow slipped 106.47 points or 0.6% to 18,096.90, the Nasdaq dipped 12.76 points or 0.3% to 4,967.14 and the S&P 500 fell 9.25 points r 0.4% to 2,098.53.