{"id":9899,"date":"2011-08-07T18:08:59","date_gmt":"2011-08-07T18:08:59","guid":{"rendered":""},"modified":"2011-08-07T18:08:59","modified_gmt":"2011-08-07T18:08:59","slug":"Asian-stock-markets-sink-after-US-credit-downgrade","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9899","title":{"rendered":"Asian stock markets sink after US credit downgrade"},"content":{"rendered":"

Asian stocks nose-dived today as the first-ever downgrade of the U.S. government’s credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.<\/strong>
\nOil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker global growth will crimp demand for crude. The dollar was lower against the yen and the euro.<\/p>\n

Among the major Asian markets, Hong Kong’s Hang Seng tumbled 3.9 percent to 20,128.20 and South Korea’s Kospi was down 4 percent to 1,814.100 after briefly diving nearly 7 percent. Japan’s Nikkei 225 stock average dropped 2.2 percent to 9,094.13.
\n<\/strong>
\nFutures pointed to losses on Wall Street when it opens today. Dow futures were off 265 points, or 2.3 percent, at 11,138 and broader S&P 500 futures shed 30 points, or 2.5 percent, to 1,167.80.<\/p>\n

“It’s not Armaggedon, but it feels like it,” said Hong Kong-based analyst Francis Lun, adding that he foresees the territory’s Hang Seng index to sink below 19,000 — a decline of a further 5 percent — before making any kind of comeback.
\nStandard & Poor’s downgrade of the U.S. sovereign credit rating to AA+ from the top-notch AAA, announced late Friday, was yet another blow to confidence in the struggling U.S. economy. It adds to growing fears that the world’s No. 1 economy may be headed back into recession.<\/p>\n

David Cohen of Action Economics in Singapore said the downgrade Friday did not come as a surprise, given the warnings issued by the agency weeks in advance — but that it may serve as a wake-up call for leaders to take action.<\/strong><\/p>\n

“As long as people can calm down quickly enough, it need not become another global financial crisis,” Cohen said.<\/p>\n

Singapore’s benchmark dived 4.9 percent, Taiwan’s market slid 3.6 percent and China’s Shanghai Composite shed 3.8 percent.<\/p>\n

Source AP<\/em>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Asian stocks nose-dived today as the first-ever downgrade of the U.S. government’s credit rating jolted the global financial system, reinforcing<\/p>\n","protected":false},"author":1,"featured_media":70655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[],"tags":[],"class_list":["post-9899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"magazineBlocksPostFeaturedMedia":{"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"colormag-highlighted-post":false,"colormag-featured-post-medium":false,"colormag-featured-post-small":false,"colormag-featured-image":false,"colormag-default-news":false,"colormag-featured-image-large":false,"colormag-elementor-block-extra-large-thumbnail":false,"colormag-elementor-grid-large-thumbnail":false,"colormag-elementor-grid-small-thumbnail":false,"colormag-elementor-grid-medium-large-thumbnail":false},"magazineBlocksPostAuthor":{"name":"Admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"1","magazineBlocksPostExcerpt":"Asian stocks nose-dived today as the first-ever downgrade of the U.S. government’s credit rating jolted the global financial system, reinforcing","magazineBlocksPostCategories":[],"magazineBlocksPostViewCount":129,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":false,"medium":false,"thumbnail":false},"magazine_blocks_author":{"display_name":"Admin","author_link":"https:\/\/asiancemagazine.com\/?author=1"},"magazine_blocks_comment":1,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g","magazine_blocks_category":"","_links":{"self":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/9899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9899"}],"version-history":[{"count":0,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/9899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/media\/70655"}],"wp:attachment":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}