04:50 - Source: CNN
Market reaction to European elections

Story highlights

Election of Hollande as French president raises concerns about Europe's debt crisis

By mid-morning in Hong Kong every major Asian stock market in the red

Financial Times —  

Asian equities fell after U.S. jobs data disappointed and the election of François Hollande as French president raised concerns about Europe’s debt crisis.

By mid-morning in Hong Kong, the FTSE Asia ex-Japan index was down 1.8%, with every major Asian stock market in the red.

The Hang Seng was down 2.5%, the Kospi was off 1.6%, and the Nikkei was 2.5% lower. Australia’s S&P/ASX 200 index had dropped 1.5%, and the Shanghai Composite had inched down 0.2%.

U.S., Japanese and Australian bonds rose as investors sought the safest assets. U.S. 10-year yields, which move inversely to prices, fell four basis points to 1.84% by mid-morning in Tokyo, according to Bloomberg.