World markets calm amid Washington turmoil

Written By limadu on Rabu, 16 Oktober 2013 | 12.08

HONG KONG (CNNMoney)

Tokyo's Nikkei and Australia's ASX All Ordinaries index were little changed in morning trading. Hong Kong's Hang Seng dropped 0.4% and the Shanghai Composite shed 1.6%.

Ratings agency Fitch announced after the bell on Tuesday that it had put the U.S. on notice for a possible downgrade, citing the "political brinkmanship" on display in Washington as a default risk.

Fitch has put its AAA rating for the U.S., the highest possible grade, on "rating watch negative," meaning that there is increased possibility of a downgrade in the near future.

In the U.S., the Dow Jones Industrial Average dropped more than 100 points Tuesday, or nearly 1%, while the S&P 500 fell 0.7%. The Nasdaq declined 0.6% following three straight days of gains.

Though Washington remains divided, many investors are still expecting a resolution before the Thursday deadline when Treasury has said it will start to run out of money to pay all its bills on time.

Related story: 6 ways a default could hurt the world

Senate leaders had said earlier Tuesday they made "tremendous progress" toward an agreement to end the partial government shutdown and raise the debt limit.

Even if the Senate makes a deal, it still needs to win support in the House of Representatives, which is far from certain. To top of page

First Published: October 15, 2013: 9:46 PM ET


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