4 Jun 2012

Asian markets slide amid recession fears

10:00 pm on 4 June 2012

Markets in Asia slumped on Monday, amid fears that the world's major economies will fall back into recession.

In Japan, stocks slumped 1.71%, after a poor jobs result in the United States on Friday.

The Nikkei 225 index at the Tokyo Stock Exchange lost 144.62 points to close at 8,295.63, while the broader Topix index of all first-section issues dipped 13.42 points, or 1.89%, to 695.51, AFP reports.

China's share market slumped 2.7% with the benchmark Shanghai Composite Index down at 2,308.6, while Hong Kong's Hang Seng closed 2% lower at 18,185.59.

In Australia, shares closed at a near seven-month low after being battered by bleak economic data from China, Europe, the US and locally.

The benchmark S&P/ASX200 index was down 78.9 points, or 1.94%, at 3,985.0. The broader All Ordinaries index was down 83.5 points, or 2.03%, at 4,033.4, AAP reports.

On Friday, Wall Street slumped more than 2%, after very weak American employment figures increased fears of a slowing economy.

US government figures showed that employers added only 69,000 jobs in May, the lowest amount since May the previous year.

Investors remain deeply concerned about the eurozone debt crisis. Unemployment in Europe has reached a record 11%.

The New Zealand market was closed on Monday for a public holiday.