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Global stock markets down on US jobs data and Hungary debt fears

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by Kay Mitchell
Global stock markets down on US jobs data and Hungary debt fears

Asian stock markets were down earlier today while European stock markets followed suit over disappointing US jobs data on Friday and fears that Hungary could suffer a Greek-style debt crisis.

Earlier today, Japan’s Nikkei 225 closed down 3.8% – its biggest daily fall in 14 months, while the Chinese Hang Seng index lost 2.3%.

European markets followed with London’s FTSE 100 down 1.6% within minutes of opening, while Germany’s Dax index lost 1.9% and France’s Cac 40 fell 1.7%.

The falls were primarily attributed to weak US jobs data, which was published late on Friday.

The Labor Department said the US economy added 431,000 jobs last month – the majority of them temporary Government jobs to help conduct the 2010 census.

However, the figure fell far short of the 515,000 expected by analysts and major currencies were also hit by the news.

The euro fell to an 8-year low against the Japanese yen of just over 108 yen, before recovering above 109 yen. However, this was also hit over Hungary fears.

Meanwhile, sterling fell against the dollar to $1.44, but rose against the euro, by 1.1%, to €1.213 – its highest level since 2008.

Over the weekend there have been fears for Hungary after country officials said it might suffer a Greek-style debt crisis.

However, Jean-Claude Juncker, chairman of the group of euro zone finance ministers, has since dismissed the concerns.

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News posted: June 7, 2010

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