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Summary Asian stock markets fell after US lawmakers put off a vote on raising the government's debt limit.
Asian stocks fell Friday as traders grew nervous that US lawmakers were still deadlocked on a deal to avert a default by the worlds richest country.Oil hovered above $97 a barrel as investors watched political wrangling in Washington and mulled possible worst-case scenarios of a US default in the event lawmakers miss a Tuesday deadline to raise the amount the government can borrow.The Treasury Department says the debt ceiling currently at $14.3 trillion must be raised or the government wont have enough money to cover all its bills. That has led to fears the United States could default on its debt and harm the fragile global economy.Markets across Asia opened down and fell further during the morning as anxious traders watched developments in Washington.Japans Nikkei 225 stock average fell 0.5 percent to 9,849.14. Hong Kongs Hang Seng index lost 0.7 percent to 22,407 and Chinas Shanghai Composite Index shed 0.5 percent to 2,696.13.South Koreas Kospi dropped 0.8 percent to 2,138.10. Australia, Singapore and Bombay also declined.The dollar fell to 77.72 yen in Asia from 77.88 yen late Thursday in New York. The euro fell to $1.4313 from $1.4311.Republican leaders in the House of Representatives delayed the vote on the bill to extend the governments debt limit and cut federal spending, though there was an expectation it would occur later Thursday evening in Washington.
