Updated on
Summary Asian markets were mostly lower Friday after Standard & Poors cut Spains sovereign credit rating.
The losses follow a week of broad global gains that were fuelled by easing tensions over the eurozone as its leaders prepare to hammer out a deal to solve their debt crisis.However, the euro managed to hold up against other major currencies as the the Spain downgrade was not seen as a surprise.Tokyo closed 0.85 percent, or 75.29 points, lower at 8,747.96 and Sydney fell 0.92 percent, or 38.9 points, to 4,205.6.Hong Kong fell 1.36 percent, or 256.02 points, to 18,501.79 and Shanghai fell 0.30 percent, or 7.41 points, to 2,431.38 as data showed Chinese inflation eased only slightly in September. Analysts warned the small dip not be enough to lead to an easing of monetary policy.However Seoul ended 0.68 percent, or 12.30 points, higher at 1,835.40.The single European unit bought $1.3777 and 106.08 yen in European trade, slightly down from $1.3783 and 105.92 yen in New York late Thursday.The dollar was at 76.98 yen against 76.85.
Featured
