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Monday, August 8, 2011

Another Black Monday?

August 8th, 2011

Following Friday's dramatic S&P downgrade of the United States' credit rating,

the virtues of which I'll get into later today, it appears that Asian markets are reacting badly. Again, I think everyone who wants to participate in the discussion ought to read the entire actual S&P statement before continuing to trade in competing analyses.

From ABC:

"Tokyo's Nikkei stock market opened down 1.4 percent and then made slight gains, but Japan's finance minister reportedly said the country has not lost faith in the dollar or U.S. Treasury bonds even after the U.S. credit rating was downgraded for the first time in history.

The news in other Asian markets was not so promising. Hong Kong's Hang Seng fell 4 percent to 20,100.20 and South Korea's Kospi slipped 6.7 percent to 1,814.100.

Australia's S&P/ASX-200 index lost almost 2 percent in early trading and indexes in New Zealand fell more than 3 percent.

The mixed reports likely won't do much to quell growing concerns that Standard & Poor's downgrade of the U.S. credit rating from AAA to AA+could rock global financial markets."

Video via RT:

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