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Global markets slide after Fitch downgrades US debt | CNN Business

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Asian markets fell broadly Wednesday after ratings agency Fitch downgraded its US debt credit rating from the highest level, citing “a steady deterioration in standards of governance.”

Japan’s benchmark Nikkei 225\n \n index had its worst day of the year, ending down 2.3%, while Hong Kong’s Hang Seng\n \n Index closed down 2.5%, after Fitch cut its rating on US debt to AA+ from AAA on Tuesday. 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,” Fitch said in a statement. The rating agency expects America’s general government deficit to rise to 6.3% of GDP in 2023, from 3.7% in 2022.

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