The performance in Asia followed a drop for U.S. stocks, after credit-ratings agencies Moody’s and Fitch issued assessments on last week’s European debt-crisis summit.
Moody’s Investors Service said Monday it still intends to revisit the ratings of all European Union countries during the first quarter of 2012, given “the continued absence of decisive policy measures.”
Separately, the ratings agency placed eight Spanish banks and two holding companies on review for possible downgrades late Monday.
Ratings agency Fitch said the inability by European Union leaders to devise a “comprehensive” fix to the region’s debt crisis had intensified pressure on debt ratings of euro-area nations.
“The sell-off in Asian markets is feedback to the euro zone news, and [losses] in the U.S.,” Peter Lai, Hong Kong-based director at DBS Vickers said.
“Investors are dumping shares connected to the euro zone, the exporters,” he added.
