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Asian markets drop as US downgrade jolts latest rally
Asian markets drop as US downgrade jolts latest rally
by  AFP

Asian markets followed Wall Street lower Wednesday as the wind came out of the latest rally, with traders jolted by the downgrade of US sovereign debt, soft economic data and concerns about elevated valuations. Earlier, all three main Wall Street indexes dropped after news that US factory activity shrunk in July for the ninth consecutive month, hinting at softness in the economy.

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