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NY TimesHONG KONG — Stocks plummeted across the Asia-Pacific region on Monday and the euro plumbed fresh multi-year lows against the dollar and yen, amid disappointing U.S. jobs data and renewed fears that the European sovereign debt crisis could spread to other vulnerable economies.
The combination of worrying news from both the United States and Europe sent already deeply nervous investors around the globe heading for the exits: Wall Street fell more than 3 percent on Friday, and the Japanese stock market slumped 3.8 percent on Monday.
European stock markets also were expected to begin the week with a fall.
“Over the past week, we’ve seen U.S. economic data becoming more spotty, and purchasing managers’ indexes in Asia showing a moderation of growth there — it’s all piling on to show that the global economy is facing a more difficult growth environment,” said Emil Wolter, head of Asian strategy at RBS in Singapore.
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http://www.nytimes.com/2010/06/08/business/08markets.html?src=twr
The euro sank to four-year lows on Monday and stocks and commodities fell as increasing market volatility prompted investors to shed even more risky bets.
Disappointing U.S. jobs data on Friday and fears that euro zone debt problems were worsening spurred already nervous investors to face up to the risk the recovery of the world economy is faltering, although few see a recession as likely.
The euro's drop on Monday was caused in part by some stop-loss selling around $1.1950. Traders said more aggressive stop-loss selling may be had if the euro falls under $1.1850.
After that, some analysts said the common currency could fall all the way to $1.15.
http://www.nytimes.com/reuters/2010/06/07/business/business-us-markets-global.html?ref=business Asian markets tumble on fears over Hungary
By PAMELA SAMPSON, Associated Press Writer Pamela Sampson, Associated Press Writer – 1 hr 52 mins ago
BANGKOK – Asian stock markets tumbled Monday, dragged down by weak U.S. employment figures and fresh fears that Europe's debt crisis is spreading to Hungary.
Oil was also buffeted, falling to near $70 a barrel, while the dollar fell against the yen and gained versus the euro.
Japan's benchmark Nikkei 225 stock average plunged 349.70 points, or 3.5 percent, to 9,552.69 with investors also cautious before Japan's new leader, Naoto Kan, forms his Cabinet on Tuesday.
The result underlined that the U.S. economic recovery is not yet picking up the momentum that investors have been looking for. The Dow Jones industrial average plunged Friday 3.2 percent to 9,931.97. Major indexes all lost more than 3 percent.
http://news.yahoo.com/s/ap/20100607/ap_on_bi_ge/world_markets