Asian Markets Are Mixed After US Super Committee Admits Failure

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Some Asian stock markets are up  and some are down following a rough U.S. trading session.

Japan’s Nikkei is up 0.1%.

Korea’s Kospi is up 0.2%.

Australia’s S&P/ASX is down 0.7%.

Hong Kong’s Hang Seng is down 0.2%.

The Shanghai Composite is down 0.4%.

After the U.S. markets closed, the U.S. deficit reduction super committee officially announced that it failed to reach a deal to cut the federal budget deficit by $1.2 trillion.  The failure triggers $1.2 trillion in automatic cuts starting in 2013.  Credit rating agencies S&P and Moody’s quickly came out to reiterate their ratings on the U.S. sovereign debt rating.

U.S. futures are trading slightly higher tonight.

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