Asian shares tumbled Monday as investors reacted to data that raised fresh fears about the health of the U.S. economy and European elections that added to jitters about the euro-zone’s future.
Japan’s Nikkei 225 Index returned from holiday to slide 261.11 points, or 2.8%, to 9,199.14
The Hang Seng Index in Hong Kong collapsed 549.35 points, or 2.6%, to 20,535.65
The losses came after Wall Street fell sharply Friday, reacting to data showing just 115,000 jobs were added to the U.S. economy last month, well below the 163,000 job additions that had been penciled in by economists.
Weekend elections in France and Greece added to pressure on stocks and commodities Monday.
In France, polls indicated that President Nicolas Sarkozy had lost to Socialist challenger Francois Hollande, who had indicated he wants to renegotiate Europe’s fiscal compact and its tough budget rules.
In Greece, exit polls showed that the center-right New Democracy Party and the center-left Pasok party -- both supporters of the country’s most recent bailout -- took a drubbing.
Should the two Greek parties fail to reach the 151 parliamentary seats needed to form a coalition, then the chances would rise that Greece could reject its newly signed aid package, casting a shadow over its remaining in the euro-zone.
In Tokyo, exporters took the brunt of the selling, as the dollar and euro both weakened against the yen over the weekend, adding to the headwinds from U.S. and European concerns.
Honda Motor Co. gave up 5.6% of its value, Toyota Motor Corp. plunged 3%, and Sony Corp. fell 4.5%, while Konami Corp. was one of the worst-performing Nikkei Average constituents, swooning 17.5% lower.
Hong Kong-listed exporters likewise suffered, as Li & Fung Ltd. dropped by 5.1%, and Lenovo Group Ltd. gave up 2.6%.
U.S. benchmark oil futures hit their lowest level in almost five months in electronic trading Monday, while metal futures were also weak. That translated into sharp losses for oil firms and mining companies in Australia, with Rio Tinto Ltd. tumbling 4.5% and rival BHP Billiton Ltd. down 4.1, while Santos Ltd. lost 4.4%.
Similarly, Tokyo-traded Pacific Metals Co. dropped 7.5%, and steel maker JFE Holdings Inc. skidded 4.6%.
In Hong Kong, the energy majors took damage, as Cnooc Ltd. fell 4.2%, and PetroChina Ltd. dropped 3.4%.
Financials were also under pressure across much of Asia.
Nomura Holdings Inc. thudded down 7.4% and Mitsubishi UFJ Financial Group Inc. gave up 3.2% in Japanese trading.
In Hong Kong, index-heavyweight HSBC Holdings PLC dropped 2.8%, while insurers took an even larger hit, as China Life Insurance Co. had 4.4% of its price slapped away, and AIA Group retreated by 3.7%.
In Seoul, Korea’s ship-building sector fell sharply, with Hyundai Heavy Industries Co. down 3.3%, Daewoo Shipbuilding & Marine Engineering Co. down 4.8%, and Samsung Heavy Industries Co. losing 6.4%
In other markets;
Shanghai’s CSI 300 Composite Index gained 1.90 points, or 0.1%, to 2,717.78
Singapore's Straits Times Index dropped 65.64 points, or 2.2%, to 2,924.95
Korea’s Kospi Index shed 32.71 points, or 1.6%, to 1,956.44
Taiwan’s Taiex Index doffed 162.87 points, or 2.1%, to 7,538.08
New Zealand’s NXZ Index lost 9.65 points, or 0.3%, to 3,540.17
Australia’s ASX Index let go of 94.74 points, or 2.2%, to 4,301.29
