BANGKOK (AP) — World stock markets took a beating Monday after U.S. companies stopped hiring in August, reviving fears that the world's largest economy is heading back into recession.

Oil prices extended losses to below $86 a barrel as the dismal jobs data released Friday suggested that a weak U.S. economy will lessen demand for crude. The dollar was higher against the euro and steady against the yen.

European shares sharply declined in early trading. Britain's FTSE 100 dropped 1.6 percent to 5,206.56. Germany's DAX fell 2.7 percent to 5,391.24 and France's CAC-40 toppled 2.4 percent to 3,074.47. Markets in the U.S. are closed for the Labor Day holiday.

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