WASHINGTON (dpa-AFX) - The Asian stock markets are expected to see mild selling pressure on Monday, with continued concerns over the European debt situation offset by surprisingly strong U.S. employment data.
Likely weighing on investors is news that Fitch Ratings has downgraded Hungary to junk status. Fitch attributed the downgrade to a further deterioration in the country's fiscal and external financing environment and growth outlook.
However, losses are likely to be offset by the U.S. jobs report for December that showed that the U.S. economy added 200,000 jobs in December following a downwardly revised increase of 100,000 jobs in November. Economists had expected an increase of 150,000 jobs. The unemployment rate fell to 8.5 percent in December from a revised 8.7 percent in November. With the drop, the unemployment rate fell to its lowest level since 8.3 percent in February 2009.
The major U.S. averages ended Friday mixed, with the tech-heavy NASDAQ edging up 4.36 points or 0.2 percent to 2,674.22, while the Dow fell 55.78 points or 0.5 percent to 12,359.92 and the S&P 500 slipped 3.25 points or 0.3 percent to 1,277.81.
The major European markets turned mixed on Friday. While the U.K.'s FTSE 100 Index rose by 0.5 percent, the French CAC 40 Index edged down by 0.2 percent and the German DAX Index dipped by 0.6 percent.
The Asian bourses were mostly lower on Friday. Japan's Nikkei was down 1.16 percent, while South Korea's KOSPI fell 1.11 percent, Malaysia was down less than a point, Singapore's Straits Times Index added 0.1 percent, Taiwan eased 0.15 percent, China's Shanghai Composite collected 0.70 percent, Hong Kong's Hang Seng Index fell 1.17 percent, Indonesia's Jakarta Composite lost 0.94 percent and Thailand eased less than a point.
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