Stocks in Asia slipped during Thursday morning trade, continuing a decline in markets worldwide ahead of a closely watched meeting by the Organization of the Petroleum Exporting Countries (OPEC).

Hong Kong's Hang Seng index fell 2.26 percent in early trade, with shares of Chinese tech heavy weight Tencent falling more than 2 percent.

The mainland Chinese markets, in focus due to Beijing's trade dispute with Washington, traded in negative territory minutes after opening. The Shanghai composite slipped 0.73 percent while the Shenzhen composite shed 0.816 percent.

Japan's Nikkei 225 fell 1.70 percent in its first hour trade while the Topix index declined by 1.43 percent. South Korea's Kospi also shed 0.89 percent, as shares of industry heavyweight Samsung Electronics dropped 1.69 percent.

In Australia, the ASX 200 slipped more than 0.7 percent in afternoon trade, with its sectors mixed. The energy subindex fell by 0.73 percent ahead of Thursday's OPEC meeting.

The Australian dollar was at $0.7235 after sliding from the $0.735 handle yesterday.

The moves Down Under came after the country's trade surplus for the month of October missed forecasts, coming in at around 2.3 billion Australian dollars (approx $1.67 billion) instead of the expected 3.2 billion Australia dollars (approx. $2.32 billion) from a Reuters poll.

Meanwhile, futures pointed to substantial declines for the U.S. market. Dow Jones Industrial Average futures showed an implied decline of 316.07 for the index at Thursday's open, as of 7:40 p.m. ET Wednesday. S&P 500 and Nasdaq futures also pointed to declines. The U.S. stock markets were closed on Wednesday in honor of former president George H.W. Bush.

(Source : CNBC)