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Home » Asia markets fall as Wall Street sees sell-off after U.S. credit downgrade

Asia markets fall as Wall Street sees sell-off after U.S. credit downgrade

by Blake Brooks
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Asia-Pacific markets extended their losses on Thursday, tracking Wall Street’s sell-off after ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+.

In Asia, investors will be watching the Caixin private survey for China’s service sector activity in July.

Futures for Hong Kong’s Hang Seng index stood at 19,403, pointing to a weaker open compared to the HSI’s close of 19,517,38. Hong Kong will also see private surveys for its July business activity

Japan’s Nikkei 225 tumbled 0.95% on its open, while the Topix also fell 0.9%.

South Korea’s Kospi fell 0.11% and the Kosdaq was also down 0.88%. South Korean internet giant Kakao saw its second quarter net profit fall by 44%, prompting a slide in its shares.

In Australia, the S&P/ASX 200 slid 0.57%, and it will release its trade balance for June.

Overnight in the U.S., all three major indexes lost ground, with the Nasdaq Composite tumbling 2.17% and seeing its worst day since February. The S&P 500 pulled back 1.38%, while the Dow Jones Industrial Average slid 0.98%.

Source: CNBC

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