U.S. stocks advanced at the beginning of Thursday's session amid upbeat economic data, including personal spending, which rose by 0.9% in May vs 0.7% expected. This was the best performance of the index in six years. At the same time jobless claims remained low. However after a while considerations that strong performance of the U.S. economy would persuade central bank's policymakers to start raising rates weighed on equities, leading them lower.

The Dow Jones industrial average fell by 75.71 points, or 0.42%, to 17,890.36. The Standard & Poor's 500 fell by 6.27 points, or 0.30%, to 2,102.31. The Nasdaq Composite fell by 10.22 points, or 0.20%, to close at 5,112.19.

In Asia Hong Kong Hang Seng fell by 1.48%, or 402.29 points, to 26,743.46. China Shanghai Composite Index dropped 4.60%, or 208.21 points, to 4,319.57. Meanwhile the Nikkei declined by 0.16%, or 33.38 points, to 20,738.02.

Asian stocks fell amid absence of Greece's deal. At the same time some analysts say that Shanghai Composite is experiencing correction, not simply declines. There are also concerns that a bubble is building up in China's stock market.