Asian stocks fall on US and China concerns

<p>Asian markets fell sharply today with the Nikkei and Hang Seng both down around 1%. Hong Kong stocks fell for a second straight day as […]</p>

Jian Wei

Asian markets fell sharply today with the Nikkei and Hang Seng both down around 1%.

Hong Kong stocks fell for a second straight day as U.S jobs report dented confidence in a global economic recovery.  China’s inflation figures, which rose more than expected, also fuelled tightening concerns by the nation’s government.

Li & Fung Ltd, the biggest supplier to Wal-Mart stores sank 1.8%. Espirit Holdings Ltd, a global fashion retailer slid 2.4%. Stocks in China Overseas Land & Investment Ltd, controlled by the nation’s construction ministry, lost 2.3%.

In Japan, 1st Holdings Inc, a software developer, jumped 12% to 571 Yen after the company said it will acquire VarioSecure Networks Inc, which provides network security services for 6.7 billion Yen. AGS Corp, a provider of information technology services, traded for the first time today at 895 Yen compared with its IPO price of 950 Yen.

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