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Weak US data sends Asian shares falling

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by Kay Mitchell

Asian shares fell today after the world’s largest economy raised fears of a slowdown.

Figures issued in the US yesterday revealed manufacturing activity slowed to its lowest level since September 2009 and was weaker than economists had expected.

Furthermore, payroll processing firm ADP said private employers created a less than expected 38,000 jobs last month and suggests tomorrow’s US unemployment data will also show lower than expected job creation.

Investors are concerned that the recovery in the US is faltering and this could affect demand from Asia’s export-driven economies.

Last night, Wall Street registered its largest fall in 10 months, with the Dow Jones down 2.2%.

Asia followed suit this morning with Japan’s Nikkei 225 index fell losing 1.7%, while Australian shares lost 2%.

Hong Kong shares were down 1.4%, while Korean stocks were 1% lower.

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News posted: June 2, 2011

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