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Asia shares drop as weak US data triggers economy fears | Asia shares drop as weak US data triggers economy fears |
(40 minutes later) | |
Asian markets have dropped after weaker-than-expected jobs data from the US triggered concerns about the health of its economic recovery. | Asian markets have dropped after weaker-than-expected jobs data from the US triggered concerns about the health of its economic recovery. |
Japan's Nikkei 225 index fell 2.1%, South Korea's Kospi dropped 2.6% and Australia's ASX 200 index shed 1.7%. | Japan's Nikkei 225 index fell 2.1%, South Korea's Kospi dropped 2.6% and Australia's ASX 200 index shed 1.7%. |
Data out late on Friday showed that the US economy added 69,000 jobs in May, the smallest number created since May 2011. | Data out late on Friday showed that the US economy added 69,000 jobs in May, the smallest number created since May 2011. |
Analysts said the data indicated the US economic recovery was losing steam. | Analysts said the data indicated the US economic recovery was losing steam. |
"It is an admission of what the markets had been fearing," Peter Esho, chief market analyst at City Index told the BBC. | "It is an admission of what the markets had been fearing," Peter Esho, chief market analyst at City Index told the BBC. |
"There was a lot of anecdotal evidence that the US economic recovery had been flattening out and now we have got a confirmation of that." | "There was a lot of anecdotal evidence that the US economic recovery had been flattening out and now we have got a confirmation of that." |
'Totally different animal' | |
The weak US jobs figures are the latest in a series of bad news for the global economy. | |
Also on Friday, China reported that manufacturing activity in its biggest factories hit the lowest point this year amid weak domestic demand. | |
That added to fears about a slowdown in China's overall economy, the world's second-largest and one of its biggest drivers of growth in recent years. | |
Last week, data out of India showed that its economy grew at its slowest pace in almost a decade, during the first three months of this year. | |
To add to those woes, the sovereign debt crisis in the eurozone has also escalated in recent months. | |
Analysts said that all these factors were making investors nervous that global growth may slow even further. | |
"It is a totally different animal that we have never seen before," said Hans Goetti, chief investment officer at Finaport. | |
"We have literally thrown everything, including the kitchen sink, at the economy but nothing is working." |