Asian and European markets suffered heavy losses Monday as anxiety spreads about disappointing job creation figures from the United States.

The downturn began in Asia, where South Korea's main stock index lost almost 4.4 percent on the day. The pain continued when trading moved to Europe, where Paris and Frankfurt opened with losses of more than 3 percent.

Elsewhere in Asia, losses topped 2.3 percent in Australia and 1.8 percent in Japan. Hong Kong's main index was down just under 3 percent at the close.

Analysts said the sell-off came in reaction to Friday's U.S jobs report, with the heaviest Asian losses suffered by companies that rely on export sales to the United States. Major electronics makers Sony, Panasonic and Sharp all were down more than 3 percent in morning trading.

The Dow Jones Industrial Average fell by 2.2 percent in New York on Friday after the government reported no net gain in jobs during the month of August, raising fears of a double-dip recession. U.S. markets are closed Monday for the Labor Day holiday.