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.
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.)