05 Sep '11, 1am

Asian markets slump on opening trade

TOKYO: Asian markets slump on opening trade on Monday as markets reacted to US employment data that showed the American economy created zero jobs in August. Tokyo share prices opened 1.37 per cent lower on Monday after New York stocks plunged last week on a dismal jobs report. The benchmark Nikkei 225 index at the Tokyo Stock Exchange opened down 122.28 points at 8,828.46. Negative factors on Monday included the US stocks plunge as well as the yen's rise against the euro after talks between Greece and a visiting troika of international inspectors were suspended on Friday, brokers said. "The US economy added no jobs and there is a deepening of Europe's sovereign debt problems, combined with the yen's appreciation," said Hiroichi Nishi, general manager at SMBC Nikko Securities. Shares in Japanese exporters dependent on the European market were likely to decline, he told Dow ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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