Business

Asian Stocks Down on Fitch Downgrade
By wchung | 30 May, 2026

Gregory Rowe, right, and other traders work from the floor of the New York Stock Exchange, Monday, June 21, 2010, in New York. (AP Photo/Richard Drew)

Asian stock markets fell in early trading Tuesday on renewed concern over Europe’s economic crisis after Fitch Ratings cut its debt rating on French bank BNP Paribas SA.

Japan’s benchmark Nikkei 225 stock index lost 91.02 points, or 0.9 percent, to 10,146.99.

South Korea’s Kospi fell 0.9 percent to 1,723.96, and Australia’s S&P/ASX 200 was down 0.6 percent at 4,605.70.

Sentiment was downbeat on fresh worries over Europe’s debt crisis after Fitch downgraded its debt rating on the French bank — the largest banking group in the eurozone by deposits — by one notch Monday.

Fitch slashed BNP’s long-term rating to AA-minus, the fourth-highest investment grade, from AA on deteriorating asset quality.

AP TOKYO