Asia stock markets took a beating on Monday as signs that the US economic recovery might be shifting into reverse sent investors fleeing.
A report on US hiring and employment in May pushed stock indexes to their biggest declines of the year on Friday. The Dow Jones industrial average fell 275 points, its biggest one-day decline since November.
The dismal report came on the heels of earlier data that showed weak economic conditions in Europe and Asia, too. Unemployment in the 17 countries that use the euro currency stayed at a record-high 11 per cent in April.
There were signs that growth in China, which helped sustain the global economy through the recession, is slowing significantly. China's manufacturing sector weakened in May, according to surveys released on Friday.
Japan's Nikkei 224 index dropped 2 per cent to 8,269.14. Hong Kong's Hang Seng Index tumbled 2.3 per cent to 18,126.45 and South Korea's Kospi shed 2.5 per cent to 1,789.15.
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A report on US hiring and employment in May pushed stock indexes to their biggest declines of the year on Friday. The Dow Jones industrial average fell 275 points, its biggest one-day decline since November.
The dismal report came on the heels of earlier data that showed weak economic conditions in Europe and Asia, too. Unemployment in the 17 countries that use the euro currency stayed at a record-high 11 per cent in April.
There were signs that growth in China, which helped sustain the global economy through the recession, is slowing significantly. China's manufacturing sector weakened in May, according to surveys released on Friday.
Japan's Nikkei 224 index dropped 2 per cent to 8,269.14. Hong Kong's Hang Seng Index tumbled 2.3 per cent to 18,126.45 and South Korea's Kospi shed 2.5 per cent to 1,789.15.
Read More
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