PARIS � Stocks fell in Europe & Asia on Thursday, as investors took in the growing signs that the pace of recovery in the United States & elsewhere may be slowing down.
Trading in U.S. equity index futures suggested Wall Street would gain modestly at the opening, after the Dow Jones industrial average fell three.2 percent Wednesday.
Investors� attention is fixed on Friday�s U.S. unemployment information for May. With signs that the global recovery is slowing, a worsening job market in the United States could weigh further on the American consumer have economic repercussions throughout the world.
Economists at Goldman Sachs & Citigroup both expect the nonfarm economy to have added about 100,000 jobs in May, well below the pace needed to keep up with the growing U.S. population.
In morning trading, the Euro Stoxx 50 index, a barometer of euro zone blue chips, fell 0.9 percent, with financial shares leading all market sectors lower. The FTSE 100 index in London 0.8 percent, the CAC 40 in Paris fell one.2 percent, & the DAX in Frankfurt fell one.1 percent.
Market volume was reduced by market holidays in Sweden & Switzerland, among others, & plenty of European investors were taking a four- or five-day weekend.
Asian shares fell very across the board. The main Sydney market index, the S&P/ASX 200, fell three.3 perent. In Hong Kong, the Hang Seng index fell one.6 percent, & in Shanghai the composite index fell one.4 percent.
The Nikkei 225 stock average fell one.7 percent in Tokyo, where Prime Minister Naoto Kan won a no-confidence vote in Parliament. Though plenty of analysts had expected his victory, the episode highlighted the deep divisions within the Japanese political establishment, which are hampering the owner changes that analysts say are needed to revive the Japanese economy after the March 11 earthquake & tsunami.
The equity market declines followed disappointing jobs & manufacturing information in the United States as well as a new downgrade Wednesday for Greece from Moody�s Investors Service. A spate of buying managers� indexes that came out in Europe & Asia on Wednesday also had showed the pace of growth was slowing.
�Markets were expecting weak I.S.M. & ADP reports, given the softness elsewhere of late,� analysts at DBS in Singapore wrote in a note on Thursday, referring to the information from the Institute for Supply Management & the U.S. payroll processing firm, released in the United States on Wednesday.
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