Asia stocks plunge after Europe elections, US data

Asian stocks are sliding after elections in Greece and France heightened uncertainty about Europe’s ability to solve its debt crisis.

Japan’s Nikkei 225 index has plunged 2.5 per cent on Monday to 9,142.47. Hong Kong’s Hang Seng tumbled 2.5 per cent to 20,564.87. South Korea’s Kospi shed 1.7 per cent.

In Greece, which has been battling a severe debt crisis for more than two years, no political party won enough votes to form a government.

In France, President Nicolas Sarkozy lost to Socialist candidate Francois Hollande, who had criticized the country’s austerity program and wants to boost government spending.

On Friday, US stocks plunged after the government reported that hiring slowed sharply in April.