Asian markets in the red on the back of negative leads from the US and Europe

<p>Negative leads from the US and Europe overnight trickled to Asian markets today and pushed most of the major indices lower. Asian indices were down […]</p>

Negative leads from the US and Europe overnight trickled to Asian markets today and pushed most of the major indices lower. Asian indices were down more than 1 per cent today led by Hong Kong’s Hang Seng index.

In Hong Kong, stocks drove the Index to its lowest level this month after Standard and Poor’s cut the U.S. long-term credit outlook, raising concern global economic growth will stall. 

Li & Fung Ltd, the biggest supplier to retailers including Wal-Mart Stores Inc, slid 1.3%. Jiangxi Copper Co, China’s No. 1 producer of the metal, sank 1.4% and oil producer CNOOC Ltd, dropped 2.2% after crude and metal prices declined. 

In Japan, stocks also fell to their lowest level in about a month. Toyota Motor Corp, the world’s largest carmaker, slid 2.8%. Tokyo Electric Power Co, operator of the crippled nuclear plant in Fukushima, sank 6.4% after the utility said two of its reactors are still too radioactive to allow workers inside. 

In Australia, the All Ords Index dropped lower at the open and stayed in the red most of the day and the Aussie dollar also gave up a few points against the US greenback.

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