Asian stocks declined overnight (MSCI Asia Pacific losing 0.3%) after Moody's cut Spain's credit rating by three steps from A3 to Baa3, just one level above junk. Moody's also cutting Cyprus' bond rating to Ba3 from Ba1. Investment banks lowered forecasts for Chinese economic growth in concern the debt crisis in Europe, China's biggest export market, will worsen. The S&P closed down 0.68% and the Dow lost 0.58% after SA futures.
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