Asian stocks weakened as they came under pressure from ongoing concerns about European government finances and more problems with the US debt pile.
Japan’s Nikkei Stock Average fell 0.9% and the Australian S&P/ASX 200 index lost 0.9%, while South Korea’s Kospi was down 0.2%. The Hong Kong’s Hang Seng Index fell 1%, and the Shanghai Composite Index lost 0.9%.
US markets fell sharply on Monday, with the Dow Jones moving into negative territory for 2011.
The Wall Street drop came as members of a special US debt cutting committee confirmed that they had failed to reach a bipartisan deal to reduce the budget deficit.
The committee could not agree on how to cut the US debt by $1.2 trillion over 10 years. With the result that automatic spending cuts are now slated to take effect in 2013.
Also of note, Monday, saw 10 year French government bond yields edge higher. Moody’s Investor Services warned that rising French borrowing costs and an uncertain outlook posed an ongoing threat for the country’s AAA credit rating.
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Asian Markets Fall: US Debt Fears Cause Concern
Published 11/22/2011, 02:00 PM
Updated 02/02/2022, 05:40 AM
Asian Markets Fall: US Debt Fears Cause Concern
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