Leading Economies Hold Conference Call on Markets

TOKYO, JAPAN -- The world's leading economies are conferring by telephone about the stability of financial markets following a downgrade of the U.S. credit rating.

South Korea's central bank says deputies from the Group of 20 advanced and emerging economies talked today about proposals to minimize market shocks. Group of Seven ministers plan to talk by phone before Asian markets open tomorrow.

They countries are concerned Standard & Poor's downgrade of the U.S. credit rating late Friday will shake global markets. The credit-rating firm bumped the country down to a notch below the top rating for the first time in U.S. history.

In a sign of the fallout, Middle East markets tumbled today on their first day of business since the downgrade.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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