The Main Stream

Jul 24, 2012 1:56 AM

Asian stocks fall as Europe debt crisis simmers

BANGKOK, THAILAND - Asian stock markets are mostly falling Tuesday despite a sign China's manufacturing downturn has bottomed as the possibility of a credit rating downgrade for Germany added to Europe's debt turmoil.

Global markets slid on Monday as Spain's borrowing costs soared, raising the risk that it will require a financial bailout that Europe probably can't afford. Moody's changing the outlook on Germany's credit rating to negative from stable dented faith in Europe's strongest economy and added to pressure on markets.

Better data on China's manufacturing failed to make much of an impression on nervous investors. Preliminary results of HSBC's survey of manufacturers showed the contraction in factory output eased in June.

Japan's Nikkei was down as were the key indexes in South Korea and Australia. China's Shanghai Composite was higher and so were the benchmarks in Singapore and Indonesia. Hong Kong delayed opening of its markets as a typhoon brought strong winds and heavy rain to the city.

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