Asian stock markets sink after US credit downgrade

Asian stock markets

Asian stocks nose-dived Monday as the first-ever reduce of the U.S. government's credit rating jolted the global financial system, reinforcing fears so as to the world economy is weakening Oil prices extended recent sharp losses, trading below $84 a barrel on outlook that weaker global growth will crimp demand for crudet the dollar was lesser against the yen and the euro.

Among the major Asian markets, Hong Kong's Hang Seng tumble 3.9 percent to 20,128.20 and South Korea's Kospi was down 4 percent to 1,814.100 after briefly headfirst nearly 7 percent. Japan's Nikkei 225 stock regular dropped 2.2 percent to 9,094.13, Futures pointed to losses on Wall Street while it opens Monday Dow futures were off 265 points, or 2.3 percent, at 11,138 and broader S&P 500 futures shed 30 point, or 2.5 percent, to 1,167.80.

"It's not Armaggedon, but it feels like it," said Hong Kong-based forecaster Francis Lun, adding that he foresees the territory's Hang Seng index to sink under 19,000 — a decline of a further 5 percent — before making any kind of comeback, Banking shares be tainted by fears the sector could face heavy losses as the sovereign money owing crisis in Europe continued to brew Industrial and Commercial Bank of China, the world's biggest bank by marketplace value, fell 3.9 percent port operators — whose lifeblood of imports and exports would live at risk if the global economy goes bust — be stung badly, Hong Kong-listed China Shipping Container Lines Co. dropped 10.2 percent.

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