Asian markets tumble after Fitch downgrades US debt | CNN Business

Hong Kong’s Hang Seng\n \n Index and Japan’s benchmark Nikkei 225\n \n both tumbled 2%, leading losses in the region. Tech and financial stocks were down sharply. Japan’s broader Topix index dropped 1.1%. South Korea’s Kospi shed 1.4%, Australia’s S&P/ASX 200 fell 0.9% and China’s Shanghai Composite Index was down 0.8%. Asian markets may “tread cautiously” as investors turn wary of foreign holders selling their US Treasuries, said Stephen Innes, managing partner of SPI Asset Management.

“The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,” the rating agency said in a Wednesday statement. Fitch expects America’s general government deficit to rise to 6.3% of GDP in 2023, from 3.7% in 2022.

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