Asian shares tumble on grim U.S. jobs report
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
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.
RELATED:
World stock market tally for August: 2 up, 43 down
2011 shaping up to be worst year ever for new home sales
-- David Pierson
