Asian stocks fell Monday after another rout hit Wall Street on Friday, as a highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy.
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Hong Kong’s Hang Seng index declined 1.8% to 17,123.90 and the Shanghai Composite index was down 0.9%, at 2,740.71.U.S. futures and oil prices were higher. Still, the jobs report did include some encouraging data points. For one, the unemployment rate improved to 4.2% from 4.3% a month earlier. That was better than economists expected. And even if August’s hiring was weaker than forecast, it was still better than July’s pace.
The two-year Treasury yield initially fell as low as 3.64% after the release of the jobs report, before quickly climbing back above 3.76%. It then dropped back to 3.66% following Waller’s comments, down from 3.74% late Thursday.
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