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BANGKOK — Japan’s benchmark Nikkei 225 stock index plunged as much as 7.1% early Monday before recovering some lost ground, extending sell-offs that began last week.
A report showing hiring by U.S. employers slowed last month by much more than expected has convulsed financial markets, vanquishing the euphoria that had taken the Nikkei to all-times highs of over 42,000 in recent weeks. Hong Kong’s Hang Seng index lost 2.1% to 16,945.51 and the S&P/ASX 200 in Australia declined 1.3% to 7,725.40. South Korea’s Kospi declined 3.4% to 2,570.64.of at least 1% since April. The Dow Jones Industrial Average dropped 610 points, or 1.5%, and the Nasdaq composite fell 2.4% as stocks retreated around the world and back to Wall Street.
“Specifically, the scenario of higher unemployment constraining spending and further restraining hiring and incomes and economic activity leading to a recession is the feared scenario here,” Tan Boon Heng of Mizuho Bank in Singapore said in a report.
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