Asian markets fall after weak US jobs report
HONG KONG — Asian stock markets fell Monday after a worse-than-expected U.S. jobs report raised concerns a strong recovery in the world’s largest economy is still far off.
Most of the region’s markets suffered modest losses, while the dollar ticked up against the yen and crude oil prices lingered below $70 a barrel.
Investors held back after a U.S. government report Friday showed that employers cut 263,000 jobs last month, far worse than the 201,000 economists expected. The unemployment rate increased to 9.8 percent.
The news was unsettling because it suggested companies were still relying on cost-cutting to eke out profits and consumers were still hurting and unlikely to boost their spending anytime soon. It also inspired extra caution ahead of third-quarter earnings reports this week that could shed more light on the U.S. economy’s health.
Japan’s Nikkei 225 stock average lost 58.41 points, or 0.6 percent, to 9,673.46, and Hong Kong’s Hang Seng slipped 35.41, or 0.2 percent, to 20,340.08.
In South Korea, the Kospi dropped nearly 2 percent to 1,612.13. India’s benchmark fell 0.8 percent, Australia’s index was down 0.3 percent and Singapore’s benchmark fell 1 percent.
U.S. futures hinted Wall Street was in store for more losses.
On Friday in the U.S., stocks finished lower as the jobs report, as well as a surprise drop in factory orders data, added to fears of a meek recovery.
The Dow fell 21.61, or 0.2 percent, to 9,487.67, its lowest close since Sept. 4. The index fell as much as 79 points during trading.
The broader Standard & Poor’s 500 index fell 4.64, or 0.5 percent, to 1,025.21, and the Nasdaq composite index fell 9.37, or 0.5 percent, to 2,048.11. Futures pointed to slight gains Monday on Wall Street. Dow futures were up 17, or 0.2 percent, at 9,452.
Oil prices wallowed below $70, with benchmark crude for November delivery down 5 cents at $69.90. The contract fell 87 cents to settle at $69.95 on Friday.
The dollar rose to 89.74 yen from 89.40 yen. The euro was higher at $1.4635 from $1.4590.
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