Asian Markets Fall As ECB Takes Debt Steps

Japan's Nikkei stock benchmark fell as markets opened today, as concern remained following rating agency Standard Poor's downgrade of the US's credit rating late last week.

Tokyo stocks initially opened 1.4% lower despite a pledge by Group of Seven financial chiefs and central bankers to cooperate for market stability.

The benchmark index of MSCI Asia Pacific stocks outside Japan fell 4.3% to the lowest since September 2010, with industrials and consumer discretionary stocks underperforming the most.

Stocks in Indonesia and Singapore fell around 5% and other Southeast Asian markets lost 2-3% because of concern about the global economic outlook.

US stock futures were down 2.7%, suggesting Wall Street will open sharply lower, later today.

Eyes will be on European markets today, after the European Central Bank (ECB) announced it would actively start buying Spanish and Italian debt.