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Asia stocks down on skepticism over EU crisis pact
Asian stock markets fell Tuesday as criticism by ratings agencies sparked wariness over a historic plan by the European Union to bind their economies closer together in an effort to fix a massive debt crisis.
Benchmark oil fell below $98 per barrel while the dollar was steady against the euro and the yen.
Japan’s Nikkei 225 fell 1.4 percent to 8,529.14. South Korea’s Kospi gave up 1.6 percent to 1,868.66. Hong Kong’s Hang Seng lost 1.3 percent to 18,341.16 and Australia’s S&P/ASX 200 dropped 1.5 percent to 4,189.30. Benchmarks in mainland China, Singapore, Taiwan and Indonesia also fell. Malaysia rose.
Markets rallied on Friday when the EU adopted a new fiscal pact meant to prevent a repeat of the financial fiasco that is now sweeping across countries that use the euro.
But that optimism dried up Monday, when credit rating agencies Moody’s and Fitch both said the deal was insufficient and would not materially ease debt pressure in Europe. Moody’s warned that it will review all EU governments’ ratings for possible downgrades in early 2012.
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