Global Stocks: U.S. stock indices fell amid mixed employment data

U.S. stock indices fell on Friday after a key employment report showed mixed data. The U.S. economy created 173,000 jobs in August vs 220,000 expected. Meanwhile the unemployment rate fell to 5.1% from 5.3% reported previously. Average hourly earnings rose 2.2% beating expectations. The contradicting data failed to clarify probability of a rate increase when Fed policymakers meet on September 16-17.

Richmond Fed President Jeffrey Lacker said that the payrolls number was still strong even though it missed forecasts. "It didn't change the picture for monetary policy," he said.

The Dow Jones Industrial Average fell 272.38 points, or 1.7%, to 16102.38 (-3.3% over the week). The S&P 500 declined 29.91 points, or 1.5%, to 1,921.22 (-3.4% over the week). The Nasdaq Composite lost 49.58 points, or 1.1%, to 4,683.92 (-3% over the week).

This morning in Asia Hong Kong Hang Seng added 0.22%, or 45.13 points, to 20,885.74. China Shanghai Composite Index rose 0.88%, or 27.66 points, to 3,187.82. The Nikkei climbed 0.34%, or 60.70 points, to 17,852.86.

Asian stock indices climbed in this volatile session. However investors remained concerned over China's economy. On Monday China's National Bureau of Statistics revised down 2014 gross domestic product growth to 7.3% from a previously reported 7.4%.

People's Bank of China Governor Zhou Xiaochuan said at the G-20 meeting in Turkey that China's stock market has almost completed its correction after a bubble formed earlier this year.