Asia Market Report: Jobs data, euro weigh on Nikkei

Date: Monday 07 Jun 2010

The Nikkei fell 3.84% with financials feeling the strain as jitters about weaker than expected US payroll figures and the fiscal health of Hungary plagued market sentiment.

Mitsubishi Tokyo fell 3.8% and Mizuho Financial lost 2.99%.

Exporters also came under pressure following the Euro’s decline to a four year low.Canon slumped 5.28%, Sony dropped 4.47% while Honda and Toyota both skidded around 4% in Tokyo.

The benchmark Nikkei 225 index closed 381 points lower at 9,521.

The Hang Seng fell 2.03% on Monday on increasing fears about a potential debt crisis in Hungary similar to that of Greece. The weaker euro and disappointing US jobs data last week also hurt buyer appetite.

HSBC was down 3.81%, ICBC fell 1.4% while Bank of China declined 2.3% in Hong Kong. ManuLife skidded 6.11%.

Crude oil’s 4% slide on Friday weighed on oil related stocks such as PetroChina, which fell 4.10%. Coal giant China Shenhua lost 4.05%.

The Hang Seng index lost 401 points at 19,378 in Hong Kong.