CashNews.co
Asian stocks fell overnight after another rout hit Wall Street on Friday.
The Nikkei (^N225) fell 0.5% on the day in Tokyo, trading around its lowest level in almost a month earlier in the session, as Japan’s gross domestic product grew by 2.9% in the second quarter compared to the previous three months,
This was according to revised data from the Cabinet Office, which was below expectations.
Meanwhile the Hang Seng (^HSI) lost 1.7% in Hong Kong and the Shanghai Composite (000001.SS) was 1.1% down by the end of the session after worse-than-expected inflation data disappointed investors.
Data from the National Bureau of Statistics on Monday showed deflationary pressure continues to loom large, as the consumer price index grew by 0.6% in the year to August.
It came after highly anticipated jobs market data came in weak enough to add to worries about the US economy on Friday. It revived fears that months of elevated borrowing costs are putting pressure on the economy.
Across the pond, the S&P 500 rose 0.5%, and the tech-heavy Nasdaq was 0.7% higher. The Dow Jones also gained 0.5%.
The S&P 500 (^GSPC) fell 1.7% to 5,408.42 and the Dow Jones (^DJI) slipped 1% to 40,345.41. The tech-heavy Nasdaq (^IXIC) ended 2.6% lower to 16,690.83.