All the Asian equity indices ended the day’s trade in the negative terrain on mounting worries that a deal by European Union leaders to contain the region’s debt crisis would not be enough to solve its fiscal woes. The concern, which weighed on the euro, was amplified by warnings from credit ratings agencies over the situation. Ratings agency Standard & Poor’s is expected to pass judgement on the agreement this week after putting 15 of 17 euro-member states -- including France and Germany -- on downgrade warning. The agency last week announced the AAA status of the EU itself was on credit watch, citing worsening economic conditions and discord among leaders.
China’s main stock index closed down by about two percent as investors warily awaited the outcome of the Chinese central government’s secretive annual economic meeting. China’s annual policy-setting economic work conference started on Monday and ends on Wednesday. While, Seoul shares ended down 1.9 percent on Tuesday led by fall in refiners, with S-Oil shedding 4.9 percent.
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