From the Associated Press:
Asian stock markets took a beating Monday after U.S. job creation ground to a halt in August, reviving fears of a recession in the world’s largest economy.
Japan’s Nikkei 225 stock average was down 1.7 percent at 8,797.89 with sentiment also undermined by the persistent strength of the yen against the dollar, which hurts exporters.
Australia’s S&P/ASX 200 fell 2.2 percent to 4,148.50 and South Korea’s Kospi slid 3 percent to 1,811.44. Hong Kong’s Hang Seng fell 2.2 percent to 19,768.09. Benchmarks in Singapore, Taiwan, the Philippines and mainland China were also down.
Companies that particularly count on brisk economic growth to fuel their revenues were hit hard. Japan’s Hitachi Construction Machinery lost 4.2 percent. Energy Resources of Australia Ltd. tumbled 4.7 percent.
The Dow Jones industrial average closed 2.2 percent lower Friday, wiping out its gain for the week, on the heels of the dismal jobs report.
The Labor Department reported that no jobs were added in the U.S. in August. It was the worst employment report in 11 months and renewed fears that another recession could be on the way.
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