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Asian stocks fell ahead of a debt sale today by France after Standard & Poor’s stripped the country of its top credit rating and cut eight other European nations on concern the region hasn’t done enough to contain its debt crisis.
Nikkei 225 8,378 -121.66 -1.43%
Hang Seng 19,012 -192.22 -1.00%
S&P/ASX 200 4,147 -48.65 -1.16%
Shanghai Composite 2,206 -38.39 -1.71%
Financial companies contributed the most to the decline in the MSCI Asia Pacific Index. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s biggest lender, fell 2.7 percent to 325 yen. HSBC Holdings Plc (HSBA), Europe’s biggest lender, lost 0.7 percent to HK$59.75. Hutchison Whampoa Ltd. (13), an operator of retail chains and ports that gets 53 percent of its revenue in Europe, slid 1.5 percent to HK$67.20.
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