asian stock market down december 13 2011

Indonesia stock info- asian stock market down december 13 2011 ; A global selloff in equities extended to Asia on Tuesday as credit ratings agencies provided a stark reminder to investors that Europe's debt crisis was far from resolved, hurting exporter stocks and pushing the euro further down. Adding to the general gloom, Intel Corp.'s profit warning on Monday sent technology stocks sharply lower across Tokyo and Seoul.

Investor sentiment soured after ratings firms sharply criticized last week's European Union summit, underscoring rising skepticism that an accord struck by European leaders had done enough to contain the debt crisis. Fitch Ratings predicted a "significant" economic downturn in Europe and said that the sovereign-debt crisis was likely to continue throughout 2012, while Moody's Investors Service said the crisis remains in a "critical and volatile stage."

"Quite simply, the EU summit was a sink or swim moment and judging by the ensuing price action across global risk assets, it's not the all-encompassing solution the market was anticipating," said Chris Gore, currency analyst at GoMarkets in Melbourne.

Japan's Nikkei Stock Average lost 1.4%, Australia's S&P/ASX 200 fell 1.4%, South Korea's Kospi Composite dropped 1.4% and New Zealand's NZX-50 was off 0.3%.

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