28 Jul '11, 10am

Southeast Asian markets decline amid fear of US default.

Southeast Asian markets decline amid fear of US default.

Asian markets mostly fell on Thursday, following big losses on Wall Street, as the deadline approaches for US lawmakers to strike a deal to avert a disastrous default. Adding to selling pressure was a decision by Standard & Poor's to further downgrade Greece's credit rating, saying plans to restructure the country's debt would entail a default. Tokyo tumbled 1.45 percent, or 145.84 points, to 9,901.35 as the economic uncertainty sent traders into the safe-haven yen, which hurts Japanese exporters. Sydney shed 1.62 percent, or 73.6 points, to 4,463.8 and Seoul gave up 0.85 percent, or 18.46 points, to end at 2,155.85 while Shanghai lost 0.54 percent, or 14.72 points, to 2,708.78. However, Hong Kong staged a late rally to close 0.13 percent, or 29.05 points, higher at 22,570.74. The White House and Democrats and their Republican rivals continue to bicker over a deficit-slash...

Full article: http://sg.news.yahoo.com/asian-markets-tumble-us-lawmaker...

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