Asian Stocks Tumble on U.S. Jobs Report, Crude Oil's Advance

[marmar]

from Bloomberg:



Asian Stocks Tumble on U.S. Jobs Report, Crude Oil's Advance

By Chen Shiyin and Masaki Kondo

June 9 (Bloomberg) -- Asian stocks dropped, led by automakers and technology companies, after U.S. unemployment rose the most in 22 years and oil gained more than $10 a barrel.

Toyota Motor Corp., Japan's largest automaker, and Samsung Electronics Co., Asia's biggest maker of chips, mobile phones and flat panels, led declines on concern demand for their exports in the world's largest economy will wane. China Airlines, Taiwan's largest carrier, dropped the most in more than two months after saying it will cut flights because of surging jet-fuel costs.

``Given the scale of U.S. unemployment, investors can't help but think America is falling into a recession,'' said Yoshihiro Ito, Tokyo-based managing director at Okasan Asset Management Co., which manages the equivalent of $9.2 billion.

The MSCI Asia Pacific Index lost 1.5 percent to 148.08 as of 10:33 a.m. in Tokyo, with about 20 stocks retreating for each that climbed. All 10 industry groups dropped, with technology companies and consumer-goods makers posting the biggest losses.

Japan's Nikkei 225 Stock Average lost 2.3 percent to 14,162.58, on course for its largest decline since May 26. Benchmarks elsewhere in the region retreated. Markets in Australia, Hong Kong, China and the Philippines are closed for holidays today.

U.S. stocks tumbled on June 6, sparking the Dow Jones Industrial Average's worst sell-off in 15 months, after the Labor Department said the jobless rate grew to 5.5 percent in May. ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aUlbff4sg.ik&refer=home

[Arctic Dave]

1. I think we were kinda expecting to hear this after what happened

on Friday. Tomorrow (Monday) should be a little rocky. I going to assume the Fed will pump out another deficet busting loan to the street.

[The_Casual_Observer]

2. What about all that talk about the US economy not being signifigant

in the global market anymore? It's all you hear on "Markerplace" in the afternoon when they are pleeding with you to buy stocks.

[aint_no_life_nowhere]

3. Gas now up to $4.45 a gallon for regular in SoCal in my neighborhood

Even on a Sunday, they don't give it a rest. This is getting ridiculous. How can gas be going up a few cents every single day?

[OhioChick]

4. When the U.S. Sneezes....

Many will catch pneumonia.