Asian stock markets sank Monday after strong U.S. jobs data fanned fears of more interest rate hikes to cool inflation, the Associated Press (AP) reported. Shanghai, Hong Kong, and Seoul retreated. Tokyo gained. Oil prices rose. The Shanghai Composite Index fell 0.8% to 3,237.36, while the Nikkei 225 in Tokyo added 0.6% to 27,671.02. The Hang Seng in Hong Kong sank 2% to 21,230.81. The Kospi in Seoul declined 1.1% to 2,452.55 and Sydney's S&P-ASX 200 retreated 0.3% to 7,539.00. In energy markets, U.S. benchmark crude rose 23 cents to $73.62 per barrel in electronic trading on the New York Mercantile Exchange. The contract tumbled $2.49 on Friday to $73.39. Brent crude, the price basis for international oil trading, added 34 cents to $80.28 per barrel in London. It lost $2.23 the previous session, reaching $79.94. The dollar rose to 131.70 yen from Friday's 131.07 yen. The euro fell to $1.0796 from $1.0805.
