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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."
The drop in the Asian shares follows similar movements across the global markets. 'Totally different animal'
On Friday, in the US, the Dow Jones dropped 2.2%, the biggest one-day fall in seven months. It closed at its lowest level since 21 December last year. The weak US jobs figures are the latest in a series of bad news for the global economy.
Meanwhile in Europe, Germany's Dax was down 3.4%, France's Cac 40 index fell 2.2% and in London the FTSE 100 lost 1.1%. 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."