U.S. stocks slumped on Friday after the better-than-expected U.S. labour market data reported on Friday. The U.S. economy added 295,000 jobs in February, exceeding expectations for a rise of 241,000 jobs, after a gain of 239,000 jobs in January. January's figure was revised down from a rise of 257,000 jobs - the data fuelled expectations of the Federal Reserve to hike interest rates rather sooner than later.
The S&P 500 closed -1.42% with a final quote of 2,071.26 points with the financial sector as top performer although all 10 sectors declined. The DOW JONES index declined by -1.54% closing at 17,856.78 points.
Chinese stocks traded mixed at the start of the week. Hong Kong's Hang Seng is trading moderately lower -0.04% at 24,155.27 points. China's Shanghai Composite closed at 3,336.14 points rising 1.88% at the close. Gains were led by banks after the China Securities Regulatory Commission announced that lenders might be allowed to act as brokerages.
The Nikkei lost ground on Monday following Wall Street with low volumes traded. The Nikkei closed -0.95% with a final quote of 18,790.55 points. . Data on the Japanese Eco Watchers Survey was reported. The Current Survey showed an increase from 45.6 to 50.1, beating an estimated increase to 46.7 points. -the Outlook came in at 53.2 in February coming from 50.0 in January.