Asian stocks declined following another significant drop on Wall Street on Friday, driven by weaker-than-expected jobs data that heightened concerns about the global economy.
Japan’s Nikkei 225 index fell 2.1% in morning trading to 35,613.32, reaching its lowest point in nearly a month. Revised data from the Cabinet Office revealed that Japan’s gross domestic product grew by 2.9% in the second quarter compared to the previous three months, falling short of expectations.
Chinese markets also experienced losses as disappointing inflation data weighed on investor sentiment. The National Bureau of Statistics reported on Monday that deflationary pressures persist, with the consumer price index rising by just 0.6% year-on-year in August.
Hong Kong’s Hang Seng index dropped 1.8% to 17,123.90, while the Shanghai Composite index decreased by 0.9% to 2,740.71. In Australia, the S&P/ASX 200 fell 0.6% to 7,967.10, and South Korea’s Kospi declined 0.8% to 2,523.86.
In the U.S., stocks tumbled on Friday after new data showed slower-than-expected job growth, renewing concerns that prolonged high borrowing costs could be weighing on the economy.
The S&P 500 dropped 94.99 points, or 1.7%, to 5,408.42. The Dow Jones Industrial Average decreased by 410.34 points, or 1%, to 40,345.41. The Nasdaq Composite fell 436.83 points, or 2.6%, to 16,690.83.
