World Markets Await US Debt Deal

Posted July 24th, 2011 at 9:35 pm (UTC-5)
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Stock markets in the Asia-Pacific region fell in early trading Monday, as investors waited to find out whether U.S. President Barack Obama and congressional leaders would reach agreement on raising the federal debt limit.

In Tokyo, the Nikkei average was down, after a three-day run of gains last week. Shares in Seoul and Sydney also were lower.

U.S. stock futures were lower ahead of Monday's opening on Wall Street. Gold rallied to another record high and the price of oil was lower.

Analysts say markets around the globe will be paying close attention to the U.S. debt negotiations, and the prospect that the world's largest economy may lose its top credit rating.