Asian Markets Fall on Euro Debt Problem Concerns

“Asian stocks dropped, with the regional benchmark index set for its biggest decline since March 15, as Fitch Ratings cut Greece’s credit rating and Standard & Poor’s said Italy’s rating was at risk, deepening concern over Europe’s sovereign debt crisis.

Esprit Holdings Ltd. (330), the Hong Kong-based clothier that counts Europe as its biggest market, dropped 4 percent. Canon Inc. (7751), the world’s largest manufacturer of cameras, lost 1 percent in Tokyo. Tokyo Electric Power Co., owner of the nuclear reactor crippled by the March earthquake, slumped 9 percent after posting a record loss. BHP Billiton Ltd. (BHP), the world’s largest mining company and Australia’s biggest oil and gas producer, declined 1.7 percent in Sydney.”

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