The Wall St Journal writes that Asian stock markets were mostly lower Wednesday with financial stocks coming under pressure in many markets after Standard & Poor's Ratings Services downgraded its ratings for several global banks, while the backdrop of Europe's debt crisis hurt exporters.
"Although S&P began warning the markets more than a year ago that it was revising its ratings, the announcement comes at a time when the markets for bank debts are fragile," said Stan Shamu, strategist at IG Markets in Melbourne. "Traders will continue to monitor the situation in Europe closely, with this week's bond auctions remaining the highlight."
Japan's Nikkei Stock Average fell 1.2%, Australia's S&P/ASX 200 eased 0.1% and South Korea's Kospi Composite was off 0.7%. Hong Kong's Hang Seng Index slumped 1.9%, China's Shanghai Composite gave up 2.3%, while India's Sensex lost 0.7%. Dow Jones Industrial Average futures were down 62 points in screen trade...
Find out more at http://online.wsj.com/article/SB10001424052970204262304577069091535148230.html
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