Asian commodity stocks declined after Standard & Poor’s disclosed its plans to cut U.S. credit rating and the Federal Reserve ruled out immediate further bond purchases, Bloomberg reports. The U.S. credit rating was put under review by Moody’s Investors Service on July 13 for a downgrade.
The move lowered oil and metal prices. BHP Billiton dropped 1.7%, while Woodside Petroleum lost 1.6% in Sydney and Mitsubishi fell 0.5% in Tokyo.
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