Asian markets moved lower as U.S. lawmakers cannot seem to agree on how to solve the country’s budget issues. This could put the world’s largest economy into a recession if not solved.
The Japanese Nikkei was off by 1% as it is on track to end a 4 day winning streak. Currently the market is off 7.35 points just before closing. Most exporters were weak as they lost between 1.3 to 3.2 percent. Canon, and Honda Motors were leading the losers.
Hong Kong markets were down for the third day in a row. The Hang Seng Index lost 185.23 points and the Shanghai Composite fell 185.23 points.
The Korean Composite Index (KOSPI) was down 14.13 points as Samsung had flat day after Ericsson said it was suing the tech giant for patent infringement. Samsung was heavily down most of the day on this news.
In Australia, the S&P/ASX was down 11.3 points to close at 4445.0.
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