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Asia stocks fall after Wall Street’s Friday rout

Japan's Nikkei slid 2.2%, while in Australia, the ASX 200 fell 1.31%.

 
Asia stocks fall after Wall Street’s Friday rout

Asian share markets stumbled on Monday in morning session following a sharp decline in Wall Street on Friday amid a stronger-than-expected jobs report that sent interest rates higher.

Japan's Nikkei slid 2.2%, while in Australia, the ASX 200 fell 1.31%. South Korea's Kospi index fell 1.66 percent. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.8% for its third straight session of losses.

In Hong Kong, the Hang Seng index fell as much as 2.7% in early trading to a three-week intraday low, while the Hang Seng China Enterprises index of large-cap Hong Kong-listed Chinese companies tumbled as much as 3.1% to its lowest since December. 

In China, the CSI 300 of major Shanghai and Shenzhen companies fell 1.6%. Singapore’s Straits Times Index opened 1.4% lower, in line with tumbling Asian stocks.

Investors were spooked by Friday’s US payrolls report which showed wages growing at their fastest pace in more than eight-and-half years and fuelling inflation expectations.

In Sydney, the heavily weighted financial subindex was down 1.07%, while the energy and materials sectors fell 2.14% and 2.13%, respectively.

The biggest banking names in the country fell. Shares of ANZ were down 1.2%, Commonwealth Bank declined 0.89%, Westpac was down 1.23% and the National Australia Bank fell 1.12%.

Major Australian miners were also down. Rio Tinto shares declined 2.36%, Fortescue was down 1.4% and BHP Billiton declined 2.69%.

 

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