-Market Report - Asia Falls to 7-Week Low

ZHANG: Most Asian markets fell on Monday after U.S. employers cut jobs at the steepest rate in five years. Japan's Nikkei fell to a two-and-a-half year low, with U.S. dependent exporters like electronics giant Sony and carmaker Toyota sliding on the prospect of weakened U.S. demand this year. The Nikkei closed down two percent, its lowest close since September 2005. Malaysian stocks plunged on the political turmoil from weekend elections, after the ruling coalition suffered its worst setback in decades. Malaysia's main indexes lost 9.5 percent. Meanwhile, the weak U.S. job data cast a pall across other Asian markets from Australia to Taiwan, with shares hurt by the fresh economic and credit market gloom. China stocks fell, led by banks and steelmakers, with China Railway Construction making a weaker-than-expected debut. Seoul stocks also closed down 2.33 percent lower, led by shipbuilders and steelmakers, and on deepened concerns that the U.S. slowdown was lurching into recession. And finally, Taiwan stocks ended down 2.72 percent in their worst drop in nearly two months, as a fall on Wall Street renewed concerns that technology demand from the U.S. will slow. Inflationary pressures remain a key concern in Asia, with new data showing producer prices rising more than 6 percent in South Korea and in China, and oil prices at near record highs.

YouTube | March 10, 2008