World stock markets fell Monday as a weaker-than-expected U.S. jobs report late last week sent Wall Street lower and following the release of still robust Chinese trade data ahead of President Hu Jintao's visit to Washington next week. Oil prices, which dropped late last week, jumped to near $89 a barrel Monday in Asia after a pipeline leak cut Alaskan crude output. The dollar rose against both the yen and the euro.
In Asia, China's Shanghai Composite index fell 1.7 percent to 2,791.81, while Hong Kong's Hang Seng dropped 0.7 percent to 23,527.26.
South Korea's benchmark Kospi fell 0.3 percent to 2,080.81. Indexes in India, Singapore, Indonesia and the Philippines were also down. Bucking the trend were Australia's S&P/ASX 200, which recovered from earlier narrow losses to close 0.1 percent higher at 4,818.70. New Zealand's exchange gained 0.4 percent to 3,371.27. Shares in Taiwan also rose.
"The disappointing U.S. jobs report, that's weighing on the market," said Mark Tan, who helps manage about $15 billion in equities and bonds at UOB Asset Management in Singapore. The Labor Department said Friday that employers added 103,000 jobs in December, less than analysts expected. The unemployment rate, meanwhile, fell to 9.4 percent, down from 9.8 percent in November and the lowest rate in 19 months. The decline came partly because many people gave up looking for work.
Prior data last week pointing to a strengthening of the world's largest economy, including gains in the service sector and private payrolls, had raised hopes for a better employment number.
In Europe, stocks opened lower. The FTSE 100 index of leading British shares fell 0.4 percent to 5,958.06. Germany's DAX retreated 0.4 percent to 6,918.37, while France's CAC-40 declined 1.3 percent to 3,815.97.
Also in Asia, China's December exports rose by double digits in December, gaining 17.9 percent, according to customs data released Monday. Though that was down from 34.9 percent in November, it still left China's trade surplus at $13.1 billion. "It shows that the economy is still doing well and not slowing down remarkably," Tan said.
Peter Lai, director at DBS Vickers in Hong Kong, said, however, that investors took advantage of the less-than-expected percentage increase in Chinese exports to take profits after recent gains in the Shanghai market. The United States has said China distorts global trade by keeping its currency, the yuan, artificially low, while Beijing has criticized the Federal Reserve's policy of purchasing $600 billion in bonds as a way to weaken the dollar and give U.S. exporters an edge.
China's Hu and President Barack Obama are scheduled to meet next week amid such economic tensions as well as policy differences over North Korea, which launched a deadly attack on a South Korean island in November. Beijing is Pyongyang's closest ally, while Washington has a military alliance with Seoul.
Financial markets in Japan were closed Monday for a national holiday. The Nikkei 225 stock average, Asia's largest, rose Friday to a fresh eight-month high of 10,541.04.
On Friday, the Dow Jones industrial average fell 22.55 points, or 0.2 percent, to close at 11,674.76 after the employment data. The broader Standard & Poor's 500 index fell 2.35, or 0.2 percent, to 1,271.50. The Nasdaq composite index fell 6.72, or 0.3 percent, to 2,703.17.
In currencies, the dollar was trading at 83.21 yen from 83.03 yen Friday. The euro stood at $1.2903 from $1.2934. Benchmark oil for February delivery pared earlier gains of more than $1 but was still 69 cents higher to $88.73 a barrel late afternoon Singapore time during electronic trading on the New York Mercantile Exchange. The contract fell 30 cents to settle at $88.03 in Friday.
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
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