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Asia stocks down as US faces likely budget battle

6:10 AM, Sep 24, 2013   |    comments
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BANGKOK (AP) -- Jitters about the U.S. economy and the potential for a budget showdown in Washington have sent Asia stock markets lower today.

Investors initially celebrated a decision by the U.S. Federal Reserve to maintain its huge stimulus, but the enthusiasm has worn off as the reasoning behind the decision - that the U.S. economy is weak - has begun to sink in. The approaching budget battle between the White House and Republican lawmakers also threw an element of uncertainty at markets.

Rallies across the globe, including record highs on Wall Street, have left markets struggling to find a reason to head higher.

Stock markets in Japan, Hong Kong, Australia and South Korea fell, as did benchmarks in mainland China, the Philippines and Indonesia. Thailand and New Zealand rose.

Benchmark crude oil fell, remaining above $103 per barrel. The dllar was unchanged against the euro and rose against the yen.

Associated Press

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