BANGKOK — Concern over China's slowdown weighed on Asian stock markets Monday after the head of the International Monetary Fund warned of a loss of momentum in emerging economies.
Asia's losses came despite Wall Street's rally on Friday that was sparked by strong U.S. job numbers. The hiring reports added to the likelihood the Federal Reserve will begin winding down its massive stimulus effort this year. Speculation about the Fed's timing has contributed to big swings in world markets for weeks.
Hong Kong's Hang Seng dropped 1.9 percent to 20,466.26 and China's Shanghai Composite was down 2.1 percent to 1,966.13. Most other regional markets also fell amid renewed worries that economic recovery in China, the world's No. 2 economy, is faltering.
IMF Director Christine Lagarde warned at a conference in France on Sunday that a slowdown in emerging economies could result in the fund lowering its 2013 forecast for world growth, Societe Generale said in a research report.
The Chinese central bank's clampdown on easy credit has also fueled concerns about China's faltering economic recovery. Michala Marcussen of Societe Generale Group said in a commentary that credit data due out this week would likely show a slowdown in lending.
"This data will do little to change the picture of credit tightening in China, pointing to slower growth ahead," Marcussen said.
Peter Elston of Aberdeen Asset Management said a deeper problem is that China can no longer rely on its cheap manufacturing and easy government credit to maintain its rapid pace of expansion.
"What is happening now with China is that people are beginning to suspect that it may have reached the limits of that growth model," Elston said.
South Korea's Kospi dipped 1 percent to 1,815.40. Taiwan's TAIEX fell 1.4 percent to 7,886.34 and Indonesia's JSX was down 2.6 percent to 4,483.31.
Japan's Nikkei 225 was up 0.2 percent in early trading as the yen resumed its weakening trend, which is a perk for Japanese exporters. But by late in the day it had succumbed to the pessimism, falling 1.1 percent to 14,150.75.
World markets have been volatile in recent weeks as investors worried that an improving U.S. economy would convince the Federal Reserve to scale back a bond buying program that has kept interest rates low and sparked an influx of money into stocks in search of better returns.
Those worries were put aside Friday after the Labor Department reported that U.S. employers added a stronger-than-expected 195,000 jobs last month, suggesting the economy is healthy enough to cope with a withdrawal of the Fed's stimulus.
The Dow Jones industrial average rose 147.29 points to 15,135.84. The S&P 500 rose 16.48 points to 1,631.89. The Nasdaq composite climbed 35.71 to 3,479.38.
Benchmark crude for August delivery was down 19 cents to $103.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.98 to $103.22 on Friday.
In currencies, the euro fell to $1.2826 from $1.2828 late Friday. The dollar fell to 101.25 yen from 101.05 yen.
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