19 Apr '11, 10pm

Asian stocks slide as US credit outlook is cut: TOKYO - Asian stocks fell broadly yesterday after rating agency

TOKYO - Asian stocks fell broadly yesterday after rating agency Standard & Poor's on Monday cut the United States' long-term credit outlook, fuelling concerns that a recovery in the global economy may slow. The MSCI Asia Pacific Index fell 1 per cent to 134.22 late yesterday in Asia, with about four stocks dropping for each that climbed on the 1,023-member gauge. "If we get down to a point where the US has its debt downgraded, the deflationary effects will be felt globally. A lot of credit is priced off US-denominated debt and those effects will be felt around the world," said Melbourne-based Tim Schroeders of Pengana Capital, which manages about US$1 billion (S$1.25 billion) in assets. China's Shanghai Composite Index fell 1.9 per cent, Hong Kong's Hang Seng fell 1.3 per cent, Japan's Nikkei 225 fell 1.2 per cent, Australia's ASX 200 Index slumped 1.4 per cent, while the ...

Full article: http://www.todayonline.com/Business/EDC110420-0000449/Asi...

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