Japan’s Topix declined for a sixth day, erasing almost all of its gains since the March earthquake, as ripple effects from Standard & Poor’s downgrade of the U.S.’s credit rating roiled global markets.
Australian stocks fell, extending a 20 percent drop from the benchmark’s index’s April 2010 peak, after Standard & Poor’s cut the credit rating for U.S.-sponsored mortgage finance companies, spurring concern the ripple effects of the loss of America’s AAA rating may worsen a global slowdown.
Japanese and Australian stock futures fell after Standard & Poor’s cut the credit rating for U.S.- sponsored mortgage finance companies, spurring concern that the ripple effects of the loss of America’s AAA rating may worsen a global economic slowdown.
Asian stocks fell the most in three weeks after a report showing the slowest U.S. manufacturing growth in two years soured the earnings outlook for Asian exporters. The drop wiped out yesterday’s gains that attended a deal among U.S. lawmakers to raise the country’s debt limit to avoid default.
Asian commodity stocks fell, dragging the regional index toward its first weekly drop in four, after Standard & Poor’s said it may cut the U.S.’s credit rating and the Federal Reserve ruled out immediate further bond purchases, driving down oil and metal prices yesterday.
Mining takeovers, heading for the second best year on record, are shifting to the emerging markets of Africa and Asia as BHP Billiton Ltd., Rio Tinto Group and Xstrata Plc look to seal cheaper deals in less-explored areas.
Asian stocks rose, driving the region’s key index up for a second day, as Greek Prime Minister George Papandreou won a parliamentary confidence vote, moving the country a step closer to avoiding a default on its debt.
Asian stocks fell, driving the region’s key index lower for the first day in three, after the U.S. Federal Reserve lowered its growth forecast for the world’s biggest economy and amid concern China will raise interest rates.