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Asian Stocks Slide as Markets Fret Over US Economy

TOKYO - Most Asian stocks fell sharply on Benchmarks also rose in Hong Kong. The
Monday, dragged down by heavy losses on Hang Seng Index edged up 17.09 points, or
Wall Street after a surprise drop in US 0.07 percent, to close below the 24,000
payrolls sparking fears the world's level at 23,999.70 Monday.
largest economy may be heading for In Hong Kong most shares "were under
recession, dealers said. selling pressure after Wall Street's
Investors are now pinning their hopes on sharp falls last Friday and on concerns
a US Federal Reserve interest rate cut to over the health of the US economy," said
shield the economy from the fallout from Kitty Chan, director at Celestial Asia
the housing slump, they added. Securities Holdings.
Asian stocks suffered a heavy selloff "US employment has been growing for the
after US and European markets were past four years so the fall was pretty
rattled by news that the US economy lost scary," said Hirokazu Fujiki, equity
4,000 payroll jobs in August, the first strategist at Okasan Securities.
decline in four years and far below "At the same time what is supporting
market expectations. stocks is expectations for a cut to the
Adding to the jitters about the health of Fed funds rate on September 18. Investors
the global economy, Japan said its are waiting ahead of developments in the
economy shrank by 0.3 percent in the US. That's why there wasn't a shock
three months. selloff," he added.
The Nikkei 225 Stock Average closed down The Dow Jones index lost 1.9 percent
357.19 points or 2.2 percent at Friday after markets took fright at the
15,764.97, with exporter shares being drop in payroll jobs in the US economy.
particularly hard hit. The report stoked fears of a US
Elsewhere, Seoul gave up 2.6 percent as recession, despite assurances from the
the KOSPI index closed down 49.03 points Fed that the US economy was holding to a
to 1,835.87. Manila declined 1.6 percent modest growth rate and that the slump in
while Kuala Lumpur and Jakarta both slid housing had been contained, dealers said.
1.4 percent. "The US employment data reinforced
However, Chinese stocks recovered from investor uncertainties about the future
early losses Monday. course of the US economy on top of
The benchmark Shanghai Composite Index ongoing worries about subprime loans,"
gained 78.11 points, or 1.5 percent, to said Katsuhiko Hiroshige, a market
5,355.29. The Shenzhen Composite Index analyst at Traders & Co.
rose 1.5 percent to 1,479.12. Investors hope that the US can avert a
"Volatility in the market will likely be recession if the Fed acts swiftly and
high on expectations another interest aggressively to lower borrowing costs,
rate hike may happen in coming weeks which could help ease the US housing
following the August consumer price crisis and the US credit squeeze. The
figures," said Chen Huiqin, an analyst at federal funds rate now stands at 5.25
Huatai Securities. percent.




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