Asian markets lose ground on Europe fears

HONG KONG: Asian markets fell on Monday as concerns over the eurozone debt crisis overshadowed surprisingly good jobs data from the United States showing unemployment almost at a four-year low.
An underwhelming return for Shanghai after a week-long holiday added to the glum outlook for the day, while the euro erased gains made in New York on Friday.
In early trade Hong Kong was 0.71 percent lower and Shanghai lost 0.33 percent, while Sydney eased 0.34 percent and Seoul fell 0.70 percent.
Tokyo was closed for a public holiday.
Wall Street provided an anaemic lead despite figures from the Labor Department showing the official jobless rate fell to 7.8 percent in September, down from the previous 8.1 percent and the lowest level since January 2009, the month that President Barack Obama took office.
The data from its establishment survey was less buoyant, showing a modest 114,000 net new jobs produced, but previous months were revised higher, underpinning the better showing in the September data.
US investors initially sent shares soaring after the numbers were released before those gains were wiped out. The Dow closed up 0.26 percent, the S&P 500 ended flat and the Nasdaq eased 0.42 percent.
And while the closely-watched jobs data provided some hope for the world's number one economy, the ongoing crisis in Europe continued to take its toll on sentiment.
There was a cautious tone as the European Stability Mechanism (ESM) was to launch later Monday with an inaugural board meeting, and European Union finance ministers were to meet.