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Asian shares tumble on grim U.S. jobs report

September 5, 2011 |  2:14 am

South Korean currency trader; Asian shares tumble

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.


Job growth grinds to a halt

World stock market tally for August: 2 up, 43 down

2011 shaping up to be worst year ever for new home sales

-- 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