Asian stock markets are a sea of red on Monday, following the broad sell-off in the global markets on Friday, as traders react to weak U.S. monthly jobs data and recent weak data on US manufacturing activity that stocked fears the world's largest economy could slip into a recession after the US Fed seems to have waited too long to cut interest rates. Markets in Japan, South Korea and Taiwan are plunging more than 5 percent. Asian markets closed mostly lower on Friday.
The unexpected increase in the unemployment rate reached its highest level since hitting 4.5 percent in October 2021.
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