World stocks fall on dismal US hiring report

04-Jun (AP) – World markets took a beating Monday as another setback for the U.S. economic recovery sent investors fleeing from stocks.

A weak U.S. jobs report flustered investors and intensified fears that a global recession was in the making. The dismal report released Friday came on the heels of other data that showed weak economic conditions in Europe and Asia.

Unemployment in the 17 countries that use the euro currency stayed at a record-high 11 percent in April. And there were signs that growth in China, which helped sustain the global economy through the 2008-2009 recession, is slowing significantly. China’s manufacturing weakened in May, according to surveys released Friday.

Germany’s DAX lost 1.4 percent to 5,963.41 and France’s CAC-40 shed 0.3 percent to 2,940.33. Markets in Britain were closed for a public holiday.

…Hong Kong’s Hang Seng tumbled 2 percent to 18,185.59. South Korea’s Kospi shed 2.8 percent to 1,783.13. Benchmarks in Taiwan and Indonesia fell 3 percent and 4.3 percent, respectively.

Mainland Chinese shares also lost ground, with the benchmark Shanghai Composite Index falling 2.7 percent to 2,308.55. The index’s drop of 64.89 points was the biggest this year.

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