asian stock market summary september 8 2011

asian stock market summary september 8 2011 ; Asian shares posted modest gains. Japan's Nikkei 225 index rose 0.3% to close at 8,793.12 as a softening yen helped Japan's exporters. By late afternoon London time, the dollar was flat at 77.30 yen.

South Korea's Kospi rose 0.7% to 1,846.64, benefiting from a decision by the country's central bank to leave its benchmark interest rate unchanged for a third month. Higher interest rates generally drag on stocks by making them a potentially less attractive investment.

Hong Kong's Hang Seng fell 0.7% to 19,912.82 as did shares in mainland China — the benchmark Shanghai Composite Index fell 0.7% to 2,498.94 while the Shenzhen Composite Index lost 1% to 1,100.53.

Asian market closed today September 07, 2011

Asian market closed today September 07, 2011 : Asia-Pacific market closed higher on Wednesday, September 07, 2011, with the benchmark regional index registering first gain in four days, as bottom fishing reemerged on view that recent selloff was overcooked.

The MSCI Asia Pacific Index climbed 1.2% to 120.5 today after erasing more than 5% in previous three sessions, dragging down its valuations below a level last seen in October 2008.

A wave of negative sentiment slammed global stock markets for previous three days, after a government report said the U.S. economy failed to add any new jobs in August, and amidst concerns about debt contagion in the Europe and the global economic slowdown.

Risk appetite for equities and commodities spirited Wednesday on better than expected report on the non-manufacturing ISM index and on news report that President Barack Obama will unveil a $300 billion package to create new jobs in an address to Congress on Thursday. Meanwhile Greece's government vowed to increase the pace of structural reforms also boosted buying sentiments. Greece government plans to step up plans to privatize as well as close or merge government organizations.

The markets are likely to further react to US President Barrack Obama's speech to the Congress, due on Thursday, highlighting ways to boost hiring. Federal Reserve chairman Ben Bernanke is scheduled to discuss the nation's economic outlook on the same day, in Minnesota.

Benchmark crude oil for October delivery rose 40 cents to $86.42 a barrel in electronic trading on the New York Mercantile Exchange. Three-month copper climbed 1.2% to $9,039 a metric ton on the London Metal Exchange today for its first gain in five days.

In the Australia, the All Ordinaries index closed up 2.46% at 4,262.90 and the S&P/ASX200 rose 2.65% at 4,183.40, powered by surprisingly strong domestic GDP data. Close to all sectors landed in green terrain, with energy, materials and financials led rally.

The Australian Bureau of Statistics said Wednesday that nation's gross domestic product (GDP) rose by 1.2% in the three months to the end of June from the previous quarter. GDP was up 1.4% from the year-earlier period. The ABS says one of the major reasons for the pick-up in growth is from a rise in business inventories and household spending. The Bureau of Statistics figures put the annual rate of economic growth at 1.4%.

In Japan, Nikkei Stock Average surged 2.01% at 8,763.41, powered by bottom fishing among recently battered stocks on view that recent correction was overdone. A pause in the yen climb against the dollar also buoyed up buying sentiment.

Export related players were major gainers on the market, boosted by yen weakness against the dollar and the euro. Shipping companies turned up on tracking strength in freight rate benchmark Baltic Dry Index.

The Japanese yen was trading at 77.41 in Asian deal Wednesday. It was weakened to a 1-month low of 77.74 against the US dollar in late New York session on Tuesday on speculation that Japan will also steps in to rein in its currency after the Swiss central bank's imposition of a ceiling on the franc's exchange rate.

Japanese Finance Minister Jun Azumi said on Wednesday that he would continue to monitor speculative moves in the foreign exchange market as the yen's current strength has put Japan in a severe situation.

The Bank of Japan's nine-member policy board voted unanimously at a two-day meeting to maintain the overnight call rate target at zero to 0.1% to help the world's No. 3 economy weather a strong yen and worries about a global slowdown.

China's benchmark Shanghai Composite index closed sharp 1.84% higher to 2,516.09, as bargain hunting following the four-sessions losing streak. The benchmark index fell to a near 14-month low Tuesday. Gains were also spirited by the China Securities Journal news report that the central bank may ease monetary policy in the next several months.

Transaction turnover remain light as many participants awaiting sideline cautious ahead of the release of a raft of Chinese economic data later this week. China will release inflation data for August on Friday. Investors wanted to see data to gauge the market direction and to predict local government steps for inflation curbing measures.

Hong Kong benchmark Hang Seng index grew 1.7% to 20,048, inline with gains Mainland bourses and other Asian markets. Risk hunger investors picked up over beaten stocks, with China Construction Bank was best performer, adding 30 points to index, meanwhile ICBC added 28 points, HSBC Holdings 23 points, AIA 21 points, CNOOC 20 points, and China Mobile 19 points to the Hang Seng.

In India, the Bombay Stock Exchange benchmark SENSEX was trading 1.5% higher around late afternoon, on the back of positive cues from Asian peers. Buying was visible across the board helping the Sensex to cross the 17,000-mark.

Among other Asia-Pacific bourses, the South Korea KOSPI rose 3.78% to 1,833.46. The Taiwan TAIEX Index grew 2.2% at 7,529.01. Malaysia KLSE Composite advanced 0.7% to 1,464.61. The Singapore's Straits Times index jumped 2.08% at 2,832.13.

asian stock market Japan's Nikkei 225 rose 29-8-2011

asian stock market Japan's Nikkei 225 rose 29-8-2011 ; In Asia, Japan's Nikkei 225 rose 0.6 percent to close at 8,851.35 amid news that the country's ruling party elected Finance Minister Yoshihiko Noda its new chief, paving the way for him to be the next prime minister. Australia's S&P/ASX 200 gained 1.5 percent to 4,263.30 and Hong Kong's Hang Seng rose 1.4 percent to 19,865.11.



South Korea's Kopsi index jumped 2.8 percent to 1,829.50.



Mainland Chinese shares lost ground, with the benchmark Shanghai Composite Index falling 1.4 percent to 2,576.41. The Shenzhen Composite Index slipped 0.9 percent, to 1,159.52.

Asian stock markets Down august 26 2011, ahead of Bernanke speech

Asian stock markets Down august 26 2011, ahead of Bernanke speech ; Asian stock markets were unsteady on Friday as investors waited to see whether United States Federal Reserve chairperson Ben Bernanke would promise new steps to help the US economy ward off another recession. Oil prices lingered above $85 a barrel while the dollar was down against the yen and the euro.



Japan's Nikkei 225 swung between gains and losses before hitting a plateau at 8 769.77. Hong Kong's Hang Seng gave up early gains and dipped 0.2% to 19 710.07 while Australia's S&P/ASX 200 was 0.2% lower at 4 204.80. South Korea's Kospi rose 0.3% after a volatile morning to 1 770.03.



Trading was jittery as investors waited to see if Bernanke offered more support for the US economy when he delivers a highly anticipated speech at a conference later on Friday in Jackson Hole, Wyoming.



The Fed has already pledged low interest rates through to 2013. Some central bank watchers say the Fed has already reached the limits of what a central bank should do to aid an economy that is beleaguered by problems that monetary policy can't fix -- high unemployment and massive government debt.



"The market is very volatile on low trading volume. Any news can be a big thing," said Jackson Wong, vice-president at Tanrich Securities in Hong Kong.



Double-dip worries

Worries that the US could be headed for another recession have in recent weeks caused huge volatility in equities, bonds and foreign exchange.



Some shares weakened on the heels of disappointing earnings reports. Air China slid 3.1% after the company on Friday announced its first-half profit fell 12% as soaring fuel costs offset strong revenue growth.



PetroChina, China's biggest oil and gas company, dropped 1.8%, a day after the company said its first-half profit was nearly flat as losses in its refining business eroded gains from higher oil and gas output.



But bank stocks got a boost after billionaire investor Warren Buffett said he would invest $5-billion in the troubled Bank of America, the largest US bank.



Industrial & Commercial Bank of China, the world's biggest bank by market value, jumped 3.5%. Japan's Mitsubishi UFJ Financial Group gained 0.3%.



In Europe on Thursday, debate continued about the best way to resolve severe debt problems in several countries. Germany's main stock index, the DAX, plummeted 4% within 20 minutes before paring its losses and closing down 1.7%.



Rising unemployment

The sudden move in one of Europe's major markets -- apparently due to unfounded rumours that Germany was about to ban short-selling -- rattled investors and prompted some to buy gold, causing prices of the metal to rebound.



As a result, gold-related shares saw their prices rise. Australia's biggest gold miner, Newcrest Mining, rose 0.4%.



On Thursday, the US government reported an increase in the number of people applying for unemployment benefits last week. The Labour Department said applications rose to 417 000, the highest in five weeks.



The Dow Jones industrial average closed down or 1.5% at 11,149.82. The S&P 500 fell 1.6% to 1,159.27. The Nasdaq fell 1.9% to 2,419.63.



In currency trade, the euro rose to $1.4416 from $1.4368 late in New York on Thursday. The dollar slipped to 77.27 yen from 77.55 yen.



Benchmark oil for October delivery was down 21 cents to $85.09 in electronic trading on the New York Mercantile Exchange. Crude rose 14 cents to finish at $85.30 on Thursday. In London, Brent crude for October delivery was up 7 cents to $110.69 on the ICE Futures exchange.

Asian Stocks Market august 23 2011, Gold prices rises

Asian Stocks Market august 23 2011, Gold prices rises : Asian shares rose on Tuesday after modest gains on Wall Street, but remained deep in negative territory for the month, while gold hit another record above $1,910 an ounce as investors continued to fret about the health of the global economy.



Markets took heart from HSBC's China flash purchasing managers' index (PMI), which, although showing China's factory sector was likely to slow slightly for a second consecutive month in August, indicated the world's number two economy was still growing robustly.



"It suggests there's still plenty going on and it's business as usual," said Martin Angel, a dealer at Patersons Securities in Australia.



The euro remained under pressure as traders awaited flash PMI data for Germany, France and the euro zone, with a weak number likely to exacerbate fears about the region.



Japan's Nikkei share average .N225 rose 0.7 percent on Tuesday, while MSCI's broadest index of Asia Pacific shares outside Japan .MIAPJ0000PUS gained 1.5 percent. .T



The MSCI index is down around 14 percent for the month, and about 19 percent below its April high. A decline of 20 percent or more is the rule-of-thumb definition of a bear market.



Spot gold soared to the latest in a succession of all-time highs above $1,910 an ounce and was on course for its biggest monthly rise in 29 years.

Europe, US, Asian stock market summary august 9 2011

Europe, US, Asian stock market summary august 9 2011 ; Several major stock markets across the world notched up gains today on buying at bargain levels, with Dow Jones Industrial Average soaring over 212 points, although Asian bourses remained weak.



After plunging to new lows on Monday, the Wall Street opened on a strong note as investors snapped up shares at attractive valuations amid hopes that Federal Reserve will move to bolster the ailing American economy. Dow surged 2% in the morning trade to cross the 11,000 mark. The benchmark index was trading at 11,022.56 points.





Two other key US indices -- S&P 500 and Nasdaq Composite -- also made significant gains. While S&P gained over 2.5% at 1,147.60 points, the tech-heavy Nasdaq climbed over three per cent to 2,432.83 points.



Global markets were battered severely yesterday -- the first day of trading after S&P downgraded the US credit rating to 'AA+' from 'AAA' last Friday. Further, the persisting debt turmoil in Europe has also taken a toll on investor sentiment.



Towards the end of trading, European stocks had also recouped most of the losses made earlier in the day. London Stock Exchange's benchmark FTSE 100 index, which plummeted over 4%, was marginally up at 5,086.07 points. German index Dax, that crashed over 5% in the morning session, made a smart recovery and was down only slightly at 5,900.58 points. France's key Cac 40 index was up nearly one per cent at 3,151.45 points, after falling more

than three per cent in early trade.



However, Asian markets remained weak, even though most of them managed to recover from heavy losses incurred on Monday. Among the major losers were Hong Kong's key Hang Seng index (down nearly 6%) and Japan's Nikkei 225 (down about 2%).



India's BSE 30-share Sensex declined a little less than 1% to close at 16,857.90 points, after wild fluctuations and tanking 550 points earlier in the day. Investors are keeping a close watch on Federal Reserve's monetary policy statement, expected later in the day. With expectations running high on Fed's next step, any negative opinion could adversely impact the overall market sentiment, especially since fears are rising about another recession.



In one of the worst trading sessions since the 2008 financial meltdown, Wall Street crashed yesterday, with the Dow Jones plunging over 634 points.



German index Dax august 9 2011, Global markets august 9 2011, FTSE 100 index prices august 9 2011, European stocks august 9 2011, India's BSE 30-share Sensex, Japan's Nikkei 225 august 9 2011, Hang Seng index, Asian markets august 9 2011

asian stock market News today August 8 2011, Shanghai, Nikkei 225 stock average dropped

asian stock market News today August 8 2011, Shanghai, Nikkei 225 stock average dropped ; Asian stocks nose-dived Monday as the first-ever downgrade of the U.S. government's credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.



Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker global growth will crimp demand for crude. The dollar was lower against the yen and the euro.



Among the major Asian markets, Hong Kong's Hang Seng tumbled 3.8 percent to 20,145.82 and South Korea's Kospi was down 3.8 percent to 1,869.45 after briefly diving nearly 7 percent. Japan's Nikkei 225 stock average dropped 2.2 percent to 9,097.56.



Futures pointed to losses on Wall Street when it opens Monday. Dow futures were off 260 points, or 2.3 percent, at 11,142 and broader S&P 500 futures shed 31.30 points, or 2.6 percent, to 1,166.10.



Banking shares were tainted by fears the sector could face heavy losses as the sovereign debt crisis in Europe continued to brew. Industrial and Commercial Bank of China, the world's biggest bank by market value, fell 4.2 percent. Port operators -- whose lifeblood of imports and exports would be at risk if the global economy goes bust -- were stung badly. Hong Kong-listed China Shipping Container Lines Co. dropped 9.7 percent.



Meanwhile, a strengthening yen, which makes Japanese products more expensive when they are sent overseas, slammed the country's powerhouse export sector. Hitachi Corp. dropped 4 percent. Sony was 3.8 percent down. Mazda Motor Corp. lost 3.1 percent.



Australia's S&P/ASX 200 index dropped 2.9 percent to 3,986.10. Singapore's benchmark dived 4.7 percent, Taiwan's market slid 3.8 percent and China's Shanghai Composite shed 3.6 percent.



The G-7 statement came after the group held an emergency conference call to discuss the debt crisis in Europe and market prospects following the announcement of the first-ever downgrade of the U.S. credit rating.



The European Central Bank, meanwhile, said it will "actively implement" a bond-purchase program that could boost Spanish and Italian bonds and drive down interest yields that threaten those countries with financial disaster.

Asian stocks and oil declined July 25 2011, Barack Obama and Congress failed to reach a deal on raising the debt limit

Asian stocks and oil declined July 25 2011, Barack Obama and Congress failed to reach a deal on raising the debt limit - U.S. Economy Prediction july 2011 ; Asian stocks and oil declined for the first time in five days, while Treasuries dropped and gold rallied to a record as President Barack Obama and Congress failed to reach a deal on raising the debt limit, intensifying concern the nation will default.

The MSCI Asia Pacific Index slipped 0.7 percent as of 11:31 a.m. in Tokyo. Standard & Poor’s 500 Index futures lost 0.9 percent to 1,328.30. Yields on 10-year Treasuries gained three basis points. The dollar sank 0.7 percent against the Swiss franc. It traded at 78.47 yen after earlier reaching a four- month low. Gold added as much as 1.4 percent to $1,624.07 an ounce. Oil fell 0.9 percent in New York.

U.S. House Speaker John Boehner told Republicans that there’s no agreement on a plan for raising the ceiling before a default threatened for Aug. 2, risking a cut to the nation’s AAA credit rating. As Democrats and Republicans endorsed dueling plans for raising the debt ceiling, China, the top holder of American debt, said it remains confident an agreement will be reached before the deadline, according to Xia Bin, an adviser to the People’s Bank of China.

“Stock markets around the globe will look to price in a greater uncertainty premium on account of political squabbles in the world’s largest economy and the increasing risk that it may lose its sacred AAA rating,” Mohamed A. El-Erian, chief executive officer and co-chief investment officer at Pacific Investment Management Co., wrote in an e-mail. His firm is the world’s biggest manager of bond funds. “A last-minute political compromise will avoid a default but will leave the AAA rating extremely vulnerable,” he said.

U.S. Economy Prediction july 2011

The impasse may further aggravate the slowing U.S. recovery. The Commerce Department may say on July 29 gross domestic product rose at a 1.8 percent annual pace in the second quarter after a 1.9 percent gain in the previous three months, according to the median forecast of 69 economist surveyed by Bloomberg News. Home sales languished and consumer confidence dimmed, other data may show.

The dollar fell 0.7 percent to 81.38 Swiss centimes from 81.92 last week. It earlier fell to 78.12 yen, the weakest level since March 17. Japan’s monetary authorities “will take resolute actions when necessary” in the currency markets, Kyodo News reported Finance Minister Yoshihiko Noda as saying yesterday. Noda said today that he’s watching developments on the U.S. debt talks.

The Australian dollar weakened against 13 of its 16 most- actively traded counterparts and fell 0.5 percent to 84.86 yen as speculation that the U.S. may default sapped demand for higher-yielding assets. South Korea’s won retreated from a three-year high, dropping 0.1 percent to 1,053.48 per dollar.

Oil retreated to $99.04 a barrel on the New York Mercantile Exchange, following four straight weeks of gains. Immediate- delivery gold traded at $1,611.16 an ounce, up 0.6 percent, while cash silver rose 0.6 percent to $40.3237 an ounce. Corn for December delivery sank 1.9 percent to $6.7225 a bushel, while wheat slid 1.5 percent to $6.82 a bushel.

Asian markets stock market july 14 2011, mixed after US debt warning

Asian markets stock market july 14 2011 : Asian markets were mixed while the dollar faced heavy selling Thursday after Moody's warned it could downgrade the United States' top-class debt rating, raising fears of a default by Washington.

Moody's blamed US lawmakers' failure to hammer out a deal that would allow President Barack Obama to raise the country's debt ceiling, in turn paving the way for it to meet its repayment obligations.

With trillions of dollars of US debt held by countries and corporations around the world, a US ratings downgrade would likely send global markets into a downward spiral.

Tokyo shed 0.27 percent, or 27.02 points, to end at 9,936.12, with exporters hurt by the yen's strength against the greenback, and Sydney closed 0.53 percent, or 24.1 points, off at 4,490.7.

Seoul was flat, edging up 0.43 points to close at 2,130.07 while Hong Kong also ended flat, adding 13.32 points to 21,940.20

Shanghai gained 0.54 percent, or 14.97 points at 2,810.44.

"The review of the US government's bond rating is prompted by the possibility that the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes," Moody's said.

Ratings agency Standard's & Poor's in April also downgraded its outlook for the US, citing the budget deadlock.

The action came as Obama and Democratic lawmakers and their Republican counterparts held a fourth straight day of talks to try to hammer out an agreement on a deficit-reduction budget.

Republicans are refusing to lift the country's $14.29 trillion debt ceiling without deep government spending cuts, and they reject Democrats' demand that tax increases must be part of any sweeping deficit reduction plan.

The prospect of a downgrade hit the dollar, which has tumbled since the end of last week after poor jobs data and the ongoing eurozone debt crisis, while the yen surges due to its safe-haven status.

In choppy Asian trade, the dollar swung above and below its 78.98 yen level from New York late Wednesday. Its volatility was driven by some large-lot purchases from overseas investors, dealers said. At one point both the dollar and euro rose sharply versus the yen before falling back.

The euro, which tumbled this week due to fears over the European sovereign debt crisis, was given some respite.

The row over US debt took pressure off the euro, which firmed to $1.4198 from $1.4168, and to 112.11 yen from 111.76 yen.

The dollar was also lower after Federal Reserve chairman Ben Bernanke told legislators Wednesday that the central bank was "prepared to respond" if stimulus was needed to kickstart the ailing US economy.

"The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying the need for additional policy support," Bernanke said.

His comments signalled to some that he was keeping the door open for a third round of quantitative easing. The bank in June wound up its $600-billion "QE2" bond purchasing programme that aimed to boost the economy with easy liquidity.

Global markets have slumped this week as the eurozone debt woes continue, with fears of a default in Greece spreading to Italy and Spain.

Those concerns deepened after Fitch became the last of the three ratings agencies to downgrade Greece to junk status as European officials struggle to hammer out a bailout plan for the beleaguered country.

In Sydney, Rupert Murdoch's News Corp closed up 3.12 percent despite abandoning its $14 billion bid for the 61 percent it does not own of British satellite television provider BSkyB.

He pulled out of the deal amid a phone hacking scandal at the firm's British newspapers that has seen the closure of the Sunday tabloid News of the World.

Uncertainty in global markets sent gold soaring because of its status as a safe haven. The precious metal closed at $1,582.50-$1,583.50 in Hong Kong -- up from Wednesday's close of $1,571.50-$1,572.50 -- after hitting a record high 1,587.97 in London.

New York's main contract, West Texas Intermediate for delivery in August, was up seven cents to $98.12 a barrel in afternoon trade.

Brent North Sea crude for August delivery eased 30 cents to $118.48.

In other markets:

-- Singapore rose just 0.28 points to 3,088.70.

Singapore Airlines added 0.28 percent to Sg$14.29 and Keppel Corp fell 0.28 percent to Sg$10.68.

-- Taipei closed flat, edging down 6.71 points at 8,481.35.

HTC rose 6.78 percent to Tw$929.0 while Hon Hai was 1.53 percent lower at Tw$90.3.

-- Manila rose 0.44 percent, or 19.55 points, to 4,423.55.

Metropolitan Bank & Trust jumped 3.6 percent to 76.95 pesos and Philex Mining put on 3.0 percent to 26.15 pesos while Manila Electric added 0.7 percent to 270 pesos.

-- Wellington fell 0.43 percent, or 14.85 points, to 3,409.55.

The loss came as economic growth data, which beat forecasts made in the wake of February's devastating earthquake, sent the local currency to a record high US$0.8490, its strongest since the currency was floated 26 years ago.

Outdoor clothing retailer Kathmandu Holdings dropped 3.1 percent to NZ$2.21 and Fletcher Building was 1.1 percent lower at NZ$8.13.

-- Jakarta rose 0.42 percent, or 16.79 points, to 3,997.63.

-- Kuala Lumpur ended flat, losing 0.83 points to 1,579.84.

Taiwan stocks market down july 11 2011

Taiwan stocks market down july 11 2011 : Taiwan stocks extended losses by mid-session on Monday, as investors were hesitant to enter the market on worries over the outlook of the electronics sector in the third quarter.

TSMC dipped more than 2 percent, while UMC was off 0.35 percent, after both posted a month on month decline in sales for a third consecutive month in June.

"Not much capital is entering the market. Foreign investors are worried about the pressure at the quarterly moving average at 8,800 points and the outlook of the electronics sector in the third quarter," said Tom Tang, a vice president of Masterlink Investment Advisory.

The main TAIEX index fell 0.86 percent by 0143 GMT, to 8,674.02, after opening flat. The semiconductor sub-index was one of the biggest losers, slipping 1.57 percent.

Quanta Computer Inc shed 0.86 percent after it reported a 11.22 percent decline in June sales. Separately, newspapers said on Monday the company lost iPad 3 orders from Apple Inc , who was looking for another contract maker in addition to Hon Hai , to computer maker Pegatron . Pegatron was up 1.62 percent.

Hon Hai , however, was up 0.51 percent, after the main manufacturing partner of Apple Inc reported a 15.7 percent rise in June unconsolidated sales.

Banking shares edged up 0.59 percent, with Cathay Financial Holding climbing 1.81 percent. Taiwan's top financial holding firm said net profit last month was the highest since September 2008, thanks to its life insurance unit.

The Taiwan dollar was flat at T$28.795. Foreign investors were net sellers on Friday, bringing their total selling to T$2.08 billion this month.

Asian stock markets slipped on Monday july 11 2011

Asian stock markets slipped on Monday july 11 2011 : Asian stock markets slipped on Monday after an anemic US jobs report last week and data showing Chinese inflation still stubbornly high despite Beijing’s numerous monetary policy tightening measures.

Sydney was hit by a sell-off amid concerns over a proposed carbon tax unveiled by the government on Sunday, while the euro was also under pressure due to the ongoing European debt crisis, with Italy now in focus.

In early trade Tokyo was 0.48 percent lower, Hong Kong fell 1.00 percent, Sydney dropped 1.35 percent and Shanghai shed 0.57 percent. Seoul gave up 0.86 percent.

The US Labor Department said on Friday that the economy created just 18,000 jobs in June, dashing hopes that the economic recovery might be gathering speed.

Market-watchers had been hoping for a strong rise after data Thursday showed strong growth in private sector jobs creation.

Hopes for the global recovery were dealt another blow Saturday when China announced inflation surged to a three-year high of 6.4 percent in June, despite five interest rate hikes by leaders struggling to rein in soaring food costs.

The figures are up from May’s 5.5 percent and well above the government target of four percent.

China has hiked interest rates five times since October – most recently on Wednesday.

“We expect a day of risk-off sentiment [Monday] as markets adjust to poor US data and high CPI inflation … out of China over the weekend,” Credit Agricole said in a note to clients.

“The Chinese data is negative because it indicates that price pressures are continuing to spread throughout the economy despite policy tightening thus far and despite growth slowdown,” it added, according to Dow Jones Newswires.

But Okasan Securities strategist Hideyuki Ishiguro said there could be some support for markets due to expectations of a recovery in US employment in July as auto output recovers from parts supply problems caused by the Japan quake.

He also said many analysts consider China’s consumer prices index may have peaked in June and would begin to ease in the second half of the year.

Sydney’s S&P/ASX 200 fell as traders grew jittery over plans announced on Sunday to tax carbon pollution at Aus$23 ($24.74) per ton to help battle climate change.

Among the big losers were airlines Qantas and Virgin Australia, which slumped after the government confirmed it would not offer them concessions over the levy.

Rupert Murdoch-owned News Corp was also sold off as investors reacted negatively to the phone-hacking scandal that resulted in the closure of its British tabloid News of the World.

On currency markets the euro dropped to $1.4218 in Tokyo morning trade from $1.4258 in New York late Friday while the European currency also retreated to 114.72 yen from 114.91 yen. The dollar fetched 80.69 yen against 80.55 yen.

The euro was weighed by fears that the the eurozone debt crisis would spread to Italy.

Traders last week sold Italian debt and banking stocks as they worried about the possibility the country would be undermined by the same debt concerns as those hitting Greece, Portugal and Ireland.

The market is looking ahead to a top European officials’ meeting in Brussels later in the day at which they will “coordinate their positions” on the second Greek rescue package.

Also later this week the results of a “stress test” on Europe’s banking system will be released.

New York’s main contract, light sweet crude for delivery in August, fell 19 cents to $96.01 a barrel.

Brent North Sea crude for August delivery shed 39 cents to $117.94.

Gold opened at $1,543.00-$1,544.00 an ounce in Hong Kong, up from $1,527.00-$1,528.00 at the close on Friday.

Hynix Semiconductor shares prices july 6 2011

Hynix Semiconductor shares prices july 6 2011 ; In Seoul, Hynix Semiconductor shares slumped 5.5% after Hyundai Heavy Industries Co. said Wednesday that it has decided not to submit a letter of intent for a controlling stake in the chip maker.

"The not-so-good semiconductor market condition seems to have partly pushed Hyundai Heavy to drop the bid plan. Chip prices will likely fall sharply during July, largely due to an inventory correction at PC makers and that's when we will be able to see the bottom for Hynix shares," said Kiwoom Securities analyst Kim Sung-in.

Hyundai Heavy jumped 6.5%. Creditors-turned-shareholders of the chip maker plan to accept LOIs from interested parties on July 8 and select a preferred bidder in August.

Other tech stocks were also down, with Samsung Electronics off 1.1% and LG Electronics down 1.2%