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Jittery Markets Stumble Again After US Downgrade

From New Zealand to Singapore, markets down across Asia
By Mark Russell,  Newser Staff
Posted Aug 8, 2011 3:22 AM CDT

(Newser) – Stocks around Asia fell early today as markets responded to the historic downgrade of the US government credit rating by S&P last week, reports CBS News. Hong Kong's Hang Seng dropped nearly 2.2%, as did Japan's Nikkei 225. South Korea's Kospi declined 3.8% to its lowest level in 10 months. Singapore, Taiwan, and China's Shanghai Composite Index are all down, too.

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Markets in New Zealand and Australia also fell, with the NZSE 50 index off 2.8% and the All Ordinaries index closing 2.7% lower. "Clearly, the downgrade fed the anxiety that was evident in global markets last week," said one Singapore-based analyst. "But we need not see another global financial crisis as long as people can calm down quickly enough." (Read more Nikkei stories.)

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