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Summary Asian stocks nose-dived as downgrade of US government credit rating jolted global financial system.
The Asian stocks nose-dived Monday as the first-ever downgrade of the US governments credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker global growth will crimp demand for crude. The dollar was lower against the yen and the euro.Among the major Asian markets, Hong Kongs Hang Seng tumbled 3.8 percent to 20,145.82 and South Koreas Kospi was down 3.8 percent to 1,869.45 after briefly diving nearly 7 percent. Japans Nikkei 225 stock average dropped 2.2 percent to 9,097.56.Futures pointed to losses on Wall Street when it opens Monday. Dow futures were off 260 points, or 2.3 percent, at 11,142 and broader S&P 500 futures shed 31.30 points, or 2.6 percent, to 1,166.10.
