Tuesday's Asia ADR Recap
Indian equity markets nosedived Tuesday hitting their lowest level since April of 2007, after Fitch Ratings downgraded the country's debt and local currency outlook from stable to negative. Fitch also said India's economic growth will slow to 7.7% for 2008 to 2009 vs. 9% for the last fiscal reporting period. The rating agency said inflation was the main culprit for their lower economic forecast.
Chinese stocks plunged Tuesday in both Hong Kong and mainland China over fears the government will keep its strict lending restrictions in place as the world's fastest growing emerging market fights to tame inflation. Far East traders said that Chinese equity markets are waiting on "pins and needles" ahead of key June inflation data due out on Thursday. Analysts expect the consumer price index growth to fall to 7.1% in June vs. 7.7% in May.
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