Asian shares tumble on grim U.S. jobs report
Asian shares suffered heavy losses Monday, the first day of trading after last week's bleak U.S. jobs report intensified fears of a global recession.
Japan's Nikkei 225 index was down 1.8%, Hong Kong's Hang Seng index lost about 3% and South Korea's Kospi nosedived 4.4%.
China's benchmark stock index slumped 2% to close at a 13-month low on fears the government would continue to tighten monetary policy.
Chinese Premier Wen Jiabao said last week that stabilizing consumer prices is the government's chief priority.
At a news conference in Beijing on Monday, World Bank President Robert Zoellick said inflation remains China's biggest short-term risk.
The former U.S. deputy secretary of State was meeting Chinese leaders in preparation of a joint report to be released later this year outlining steps China needs to take to rebalance its economy away from exports and investment and toward domestic consumption.
-- David Pierson
Photo: A South Korean currency trader covers his face with his hands in front of screens Monday. Credit: Ahn Young-joon / Associated Press