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Asian markets still wary over US economy

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Asian markets still wary over US economy

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US law makers may have cleared their first hurdle towards sealing a debt deal but Asian markets opened in negative territory only hours after the House of Representatives vote.

Shares fell on concerns that the US still won’t be able to avoid a credit rating downgrade making borrowing for the super economy all the more expensive.

Hong Kong followed the trend – the US economy clearly is not out of the woods due to rising unemployment and sluggish growth figures.

And Sydney stocks reflected a growing belief that the economic momentum in the US has slowed. It means some countries are already cutting their exposure to the US dollar.