Investing.com -- Most Asian stocks fell on Wednesday, with technology shares seeing a heavy dose of profit-taking after an unexpected downgrade to the U.S. sovereign rating by Fitch somewhat dented sentiment.
Traders also locked in profits across broader Asian markets after stellar gains through July, tracking a similar trend on Wall Street, which closed lower overnight.fell in after-market trade as ratings agency Fitch unexpectedly downgraded the U.S.’ sovereign rating to AA+ from AAA, citing worsening fiscal conditions and repeated political sparring over debt payments.
While most analysts said the downgrade will have a limited direct impact on financial markets, they noted the possibility of some near-term risk aversion on the news. Fitch is the second ratings agency to strip the U.S. of its AAA rating after Standards and Poor. The downgrade spurred losses in most Asian markets on Wednesday, with technology-heavy indexes coming under increased pressure.
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