Asian markets fell sharply after Wall Street tumble on weak economic data; Tokoy off 2.5 pct

Asia stocks track US down after grim economic data

HONG KONG — Asian markets fell sharply Friday as weaker-than-expected reports about U.S. jobs and manufacturing heightened worries about an anemic recovery in the world’s largest economy.

Markets in Japan and Hong Kong dropped over 2 percent, the dollar lagged against the yen and oil prices slid to near $70 a barrel as traders scaled back their bets on riskier investments.

The region’s losses followed a steep fall on Wall Street after U.S. jobless claims and manufacturing data came in far worse than expected, suggesting the economy was still a long way from a strong recovery.

The news also raised concerns the U.S. government’s September jobs report, due later Friday, would disappoint.

“The U.S. economy is still in the doldrums,” said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong. “We’re still not seeing a recovery in the unemployment, which means consumer spending will not recover anytime soon.”

Japan’s Nikkei 225 average fell 247.28, or 2.5 percent, to 9,731.36, while Hong Kong’s Hang Seng lost 485.96, or 2.3 percent, to 20,469.29 after being closed Thursday for a national holiday.

Elsewhere, Taiwan’s index shed 1.7 percent, Australia’s market lost 1.8 percent and Indonesia’s benchmark was down 0.6 percent.

South Korea’s market was closed for a holiday as were markets in China and India.

Overnight in the U.S., the Dow fell 203.00, or 2.1 percent, to 9,509.28, its lowest close since Sept. 8.

Even with the drop, the Dow is still up 45.3 percent from a 12-year low of 6,547 in early March.

The broader Standard & Poor’s 500 index fell 27.23, or 2.6 percent, to 1,029.85, and the Nasdaq composite index dropped 64.94, or 3.1 percent, to 2,057.48.

Oil prices fell in Asia, with benchmark crude for November deliver down 63 cents at $70.19. The contract added 21 cents to settle at $70.82 on Thursday.

The dollar weakened to 89.41 yen from 89.51 yen. The euro was higher at $1.4535 from $1.4529.