Asian shares down on falling financials

06/3/2008 | MarketWatch

Asian stock markets fell Tuesday as financial shares tracked a fall on Wall Street after Standard & Poor's cut its debt ratings on three brokerages. Slumping shares included Sumitomo Trust & Banking in Tokyo, Westpac Banking in Sydney, Australia, and United Overseas Bank in Singapore. Shares of three state-owned Chinese telecom firms fell in Hong Kong the day after the companies announced a planned industry consolidation. China Telecom dove 10.2%, China Unicom fell 10.5% and China Netcom lost 10.4%.

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