Investing.com – Asian stock markets were broadly lower in thin trade on Monday, as mounting concerns over the U.S. economic outlook weighed on market sentiment, while shares in Tokyo Electric Power Company plunged to a record low.
During late Asian trade, Australia’s ASX/200 Index shed 0.45%, Japan’s Nikkei 225 Index dropped 1.22%, while markets in South Korea and Hong Kong remained closed for a public holiday.
The U.S. Department of Labor said on Friday that nonfarm payrolls rose by 54K in May, the smallest jobs gain in nearly a year and significantly below expectations for an increase of 169K. The unemployment rate unexpectedly rose to 9.1% from 9.0% in April, the highest level in five months.
Shares in Japanese exporters performed poorly, with Sony tumbling 3.15%, rival Sharp fell 1.2%, while shares in the world’s largest maker of plasma televisions Panasonic declined 1.8%.
Meanwhile, shares in troubled nuclear power plant operator TEPCO plunged 27.6% to close at a record low after Kyodo News reported that the firm will post a full-year net loss of JPY570 billion. A separate report quoted Tokyo Stock Exchange President Atsushi Saito as saying a restructuring of the utility company was desirable.
Other power companies were also lower, with Kansai Electric Power dropping 8.9% and Chubu Electric Power tumbling 8.8%.
Elsewhere, shares in miners led losses in Australia, amid concerns the faltering global economic recovery would dampen demand for raw materials.
Mining giant BHP Billiton declined 0.95%, rival Rio Tinto shed 0.9%, while shares in Newcrest Mining slid 0.5%.
Shares in James Hardie Industries, a building materials company which gets nearly 75% of its revenue in the U.S. shed 1%. Clothing retailer Billabong, which earns almost 60% of its revenue abroad fell 1.3%.
The outlook for European stock markets was modestly lower. The EURO STOXX 50 futures pointed to a decline of 0.3%, France’s CAC 40 futures shed 0.25%, the FTSE 100 futures dipped 0.1%, while Germany's DAX futures edged 0.15% lower.
Later in the day, U.S. Treasury Secretary Tim Geithner was due to speak at the International Monetary conference in Atlanta.
During late Asian trade, Australia’s ASX/200 Index shed 0.45%, Japan’s Nikkei 225 Index dropped 1.22%, while markets in South Korea and Hong Kong remained closed for a public holiday.
The U.S. Department of Labor said on Friday that nonfarm payrolls rose by 54K in May, the smallest jobs gain in nearly a year and significantly below expectations for an increase of 169K. The unemployment rate unexpectedly rose to 9.1% from 9.0% in April, the highest level in five months.
Shares in Japanese exporters performed poorly, with Sony tumbling 3.15%, rival Sharp fell 1.2%, while shares in the world’s largest maker of plasma televisions Panasonic declined 1.8%.
Meanwhile, shares in troubled nuclear power plant operator TEPCO plunged 27.6% to close at a record low after Kyodo News reported that the firm will post a full-year net loss of JPY570 billion. A separate report quoted Tokyo Stock Exchange President Atsushi Saito as saying a restructuring of the utility company was desirable.
Other power companies were also lower, with Kansai Electric Power dropping 8.9% and Chubu Electric Power tumbling 8.8%.
Elsewhere, shares in miners led losses in Australia, amid concerns the faltering global economic recovery would dampen demand for raw materials.
Mining giant BHP Billiton declined 0.95%, rival Rio Tinto shed 0.9%, while shares in Newcrest Mining slid 0.5%.
Shares in James Hardie Industries, a building materials company which gets nearly 75% of its revenue in the U.S. shed 1%. Clothing retailer Billabong, which earns almost 60% of its revenue abroad fell 1.3%.
The outlook for European stock markets was modestly lower. The EURO STOXX 50 futures pointed to a decline of 0.3%, France’s CAC 40 futures shed 0.25%, the FTSE 100 futures dipped 0.1%, while Germany's DAX futures edged 0.15% lower.
Later in the day, U.S. Treasury Secretary Tim Geithner was due to speak at the International Monetary conference in Atlanta.