GLOBAL MARKETS-Asia stocks tumble on U.S. jobs data, oil
HONG KONG, June 9 (Reuters) - Asian stocks fell sharply on Monday, knocked by record high oil prices, the weak U.S. dollar and signs the world’s largest economy is creeping perilously closer to stagflation.
The U.S. unemployment rate posted its steepest one-month rise in 22 years, squashing hopes consumer demand would pick up, amid a backdrop of rising inflation around the world.
Oil prices shot to a record $139 a barrel on Friday, after the May U.S. unemployment report, which also showed the fifth consecutive month of job losses, sparked fears of 1970s-like stagflation and led to a rout in global equities.
By 0015 GMT, Japan’s Nikkei .N225 was 2.4 percent lower, on track for its largest single-day decline in nearly two months.
Investors who recently bought shares of companies in the technology sector, looking for a bounce in demand for electronics, rushed to unload at the start of the session.
Shares in camera manufacturer Canon Inc dropped 4 percent and were among the biggest drags on the index.
In Korea, shares of consumer technology giant Samsung Electronics Co Ltd fell 3 percent and set the KOSPI up for the largest decline since March 13, down 2.2 percent.
“Japan doesn’t have quite the same concerns about inflation as the rest of the world, but it can’t fight alone against the flow if other markets are falling, as is likely to happen today,” said Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities.
Financial markets in Australia, Hong Kong and the Philippines were closed for public holidays.
Oil jumped $10.75 on Friday, marking its biggest one-day gain in dollar terms ever, on dollar weakness and tensions in the Middle East. U.S. crude’s CLc1 was steady at $137.66.
Oil edged 0.6 lower to $137.7 on Monday.
The dollar edged up against the euro and yen after the broad selloff on Friday.
The euro was down 0.1 percent at $1.5772 , while the dollar rose 0.2 percent to 105.13 yen . (Additional reporting by Elaine Lies in Tokyo; Editing by Anshuman Daga)
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ASIA/PACIFIC Region……….
finance.yahoo.com/intlindices?e=asia
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Dow Jones World Stock Index - thru Friday

JBI