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Asian markets tumble on fears over Hungary

06-08-2010 08:51 BJT Special Report: Europe's Debt Crisis |

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Asian stock markets tumbled, after disappointing U.S. jobs data further spooked investors. They were already worried about a potential debt crisis in Hungary.

A black Monday. Asian bourses tumbled across the region. Japan's benchmark Nikkei average led the slump, plunging nearly four percent. Elsewhere in the region, major indices also fell sharply.

Selling continued across Asia on fears that Europe's debt problems could spread. Hungarian officials said over the weekend that the nation was at risk of a Greek style fiscal crisis.

The comments shook investors, pushing the euro to a fresh four-year low against the dollar.

Daisuke UENO, Chief analyst, Gaitame.com Research Inst., said, "What we need to look at now is where we will end up with this European debt crisis, whether this will expand to a global economic crisis or not. Supposing the Euro rate will stabilize at this 108 level, Japanese exporters did not have this level in mind. So, if that is the case, we fear that could impose a negative impact over the corporate results as well as Tokyo's market."

Hungarian officials have scrambled to calm market worries, insisting recent comments were "exaggerated."

Hungary is part of the European Union, but keeps its national currency, which dropped around 5 percent last week.

Apart from Hungary's woes, Asian markets were also knocked by disappointing US jobs data.

The US government's May jobs report showed on Friday, that the US economy created 432 thousand jobs last month... far fewer than expected. The result underlined that the US economic recovery is not yet picking up the momentum that investors have been looking for.

Editor:Zhang Jingya |Source: CCTV.com

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