why asian stocks down jan 16 2012

Asian stocks down jan 16 2012 on ratings cuts of eurozone : Asian stock markets have fallen after Standard & Poor's cut the credit rating for France and a number of other European countries.

Japan's Nikkei 225 index shed 1.6%, South Korea's Kospi index fell 1.4%, while Australia's ASX 200 lost 1.2%.

Taiwan's main market shed 0.8% despite opening higher after its President was re-elected for a second term. Analysts have warned that markets would remain volatile in 2012 until the eurozone issues were resolved.

On Friday, S&P's said France was being downgraded one notch, to AA+. France still has a top AAA rating from the other two main ratings agencies, Moody's and Fitch.

S&P's also cut its ratings for Italy, Spain, Cyprus, Portugal, Austria, Slovakia, Slovenia and Malta.

Credit ratings are used by banks and investors to decide how much money to lend to particular borrowers. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post: