Stocks drop, Treasuries gain after Fitch downgrades US rating

fell by 0.9% and 2.2%, respectively, as some investors booked profits in the absence of concrete and forceful measures by Beijing to shore up a faltering economy.

Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday."Most of the Asia turmoil this morning and the Treasury yields move is triggered by the Fitch decision," said Manishi Raychaudhuri, head of Asia Pacific equity research at BNP Paribas.

Investors counterintuitively fled to the relative safety of sovereign debt from riskier equity markets. Treasuries, whose yields fall when prices rise, were also bought when Standard & Poor's cut the U.S. top "AAA" rating by one notch to "AA-plus" in 2011. The U.S. dollar moved lower against a basket of major currencies immediately after the announcement, but was up 0.1% as of the Asian afternoon.

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