Global stock markets declined Friday ahead of the U.S. jobs report and jitters over next week’s resumption of trading in China.  

Japan’s Nikkei 225 plunged 2.2% to finish at 17,792.16. South Korea’s KOSPI sank 1.5% to 1,886.04. Hong Kong’s Hang Seng Index shed 0.5% to 20,840.91.

Stock markets in Southeast Asia, Taiwan, and India all also ended in the red. Australia’s S&P/ASX 200 managed to eke out a 0.3% gain to close at 5,040.60.

European stock markets opened with sharp declines. In early overseas trading, Britain’s FTSE 100 fell 1.7% to 6,097.27. France’s CAC 40 tumbled 1.7% to 4,573.23. Germany’s DAX dropped 1.7% to 10,137.53.

Even dovish comments Thursday from European Central Bank (ECB) President Mario Draghi failed to spur a rally in the Eurozone region. Draghi said the ECB is prepared to give the Eurozone more stimulus if inflation across the 19-country bloc doesn’t pick up.

In addition to keeping interest rates low, the ECB is pumping 60 billion euros (roughly $66.7 billion) a month into the region’s economy via government and corporate bond purchases. The program will run through at least September 2016.

Draghi cautioned slowing growth in emerging economies, particularly China, is weighing on Europe’s growth prospects.

Even closed, Chinese stock markets continue to stir anxieties.

China’s Powerful Effect on Global Stock Markets

Equity markets in the world’s second-largest economy remained closed for the second consecutive day Friday as the Asian nation marks the 70th anniversary of Japan’s defeat in World War II.

Following a three-month stretch of stomach-churning stock market gyrations, and a surprising yuan devaluation, some investors may be taking advantage of the Chinese holiday to trim their stock exposure, uncertain how Chinese stocks will perform when they resume trading Monday.

U.S. stock markets, meanwhile, are closed Monday for Labor Day.

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