Asia stocks set to fall Thursday on Fed's dour outlook

Australian S&P/ASX 200 futures were down 1.08%, while Japan's Nikkei 225 futures fell 1.2%. Hong Kong's Hang Seng index futures were 0.31% lower.

NEW YORK: Asian stocks were set to fall on Thursday after gloomy economic projections from the U.S. Federal Reserve sent the greenback and most Wall Street shares lower.

Fed officials at their policy meeting on Wednesday said U.S. gross domestic product is expected to decline 6.5% this year. They also flagged the need to keep the key interest rate near zero through at least 2022.