NEW YORK - A dour report on job losses in the United States in June sent stocks sharply lower.
The Labor Department reported that US employers shed 467,000 jobs in June, pushing the unemployment rate to a fresh 26-year high of 9.5 per cent.
Analysts had expected a smaller number of 365,000 job losses, but a higher unemployment rate of 9.6 per cent. The jobless rate in May was 9.4 per cent.
Ahead of a long weekend, the Dow Jones Industrial Average lost 223.32 points, or 2.63 per cent, to settle at 8,280.74.
The Nasdaq fell 49.2 points, or 2.67 per cent, to 1,796.52 and the Standard & Poor’s 500 broad-market index fell 26.91 points, or 2.91 per cent, to settle at 896.42.

LONDON - European stock markets suffered sharp sell-offs on news of greater-than-expected job losses in the US.
The London FTSE 100 index fell 106.44 points, or 2.45 per cent, to close at 4,234.27 points.

FRANKFURT - The Dax dropped 186.95 points, or 3.81 per cent, to 4,718.49.

PARIS - The CAC 40 lost 100.59 points, or 3.13 per cent, to 3,116.41 points.

TOKYO - Asian markets were mixed as investors sought firm signals ahead of the US jobs data.
The benchmark Nikkei-225 index lost 63.78 points, or 0.64 per cent, to 9,876.15 points.

HONG KONG - The Hang Seng Index lost 200.68 points, or 1.09 per cent, to 18,178.05.

WELLINGTON - The New Zealand share market drifted lower amid directionless trade.
The benchmark NZSX-50 index closed down 12.184 points, or 0.438 per cent, at 2,768.185 after opening higher.

SYDNEY - The Australian sharemarket is expected to open significantly lower after heavy falls on Wall Street and European markets.
Oil and base metal prices also plummeted, likely to spark falls in local resources stocks.
At 0715 AEST on the Sydney Futures Exchange, the September share price index contract was 82 points lower at 3,779.
In economic news on Friday, the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (Australian PSI) for June is due.
In equities news, White Energy Company Ltd, First Opportunity Fund, JV Global Ltd, Red Sky Energy Ltd and Vital Metals Ltd hold general meetings.
The inaugural Delta Airlines Sydney to Los Angeles service will depart.
On Thursday, the Australian share market closed flat after earlier gains were whittled back despite advances in resources stocks and a positive lead from Wall Street.
The benchmark S&P/ASX200 index was up 3.3 points, or 0.09 per cent, at 3,877.3 points, while the broader All Ordinaries index advanced 2.9 points, or 0.07 per cent, to 3875.2 points.

NYMEX

Oil prices sank under $US67 a barrel after weak jobs data quashed hopes of a speedy economic recovery in the United States, the world’s top energy consumer.
New York’s main contract, light sweet crude for August delivery, fell $US2.58 from Wednesday’s closing price to $US66.73 per barrel, after earlier touching $US66.54.
London Brent North Sea crude for delivery in August dropped $US2.14 to $US66.65 a barrel.
Prices slumped after a US government report said the unemployment rate rose to a new 26-year high of 9.5 per cent in June.
The figures dampen hopes for an early recovery from recession, and will temper demand, analysts said.
The labor data also caused the US dollar to rise against the euro and yen as traders returned to the safe-haven currency.
A stronger US dollar makes dollar-priced oil more expensive for buyers armed with weaker currencies. In turn, this tends to dampen demand and pull the crude market lower.

COMEX

Looking to safeguard their money amid the weak economic data in the US, traders shied away from commodities in search of more conservative investments.
The dollar moved higher against most other currencies.
Even gold, traditionally a hedge against inflation, traded as if it was a risky currency, analysts said.
Gold for August delivery fell $US10.30 to settle at $US931 an ounce on the New York Mercantile Exchange.
July silver lost 34.7 cents to $US13.393 an ounce, while July copper was down 2.5 cents to $US2.29 a pound.