New Delhi: All major Asian markets opened weak on Monday in the first trading session after the US lost its top-notch credit rating, as the debt crisis in America and Europe took a toll on the investor sentiment across the world.

South Korean shares opened 1.40 percent lower in Seoul, even as the bourses there contemplated measures to counter any major plunge.

Japan stocks were also down over 1.3 percent, while losses were also seen in a host of other Asian markets, including India.
The losses were much sharper at about 3 percent in Hong Kong stocks.

The futures market was also down sharply in the US, continuing the downtrend of the previous week that saw over USD 2.5 trillion worth of investors' money wiped out in markets across the world.

Experts were expecting some sort of recovery later in the day after the initial shock, given the steps announced by global policymakers.

The G-7 economies have pledged to "take all necessary measures to support financial stability and growth", while the European Central Bank said it would actively buy eurozone bonds. Italy and Spain also announced new measures and reforms to bolster their economies.

The International Monetary Fund welcomed the statements made by the leaders of the G7 countries and European Central Bank on taking steps to ensure market stability.

“The swift implementation of the commitments by the Euro Area Governments on July 21, 2011, and the recent agreement to reduce the United States' fiscal deficit in the medium term, without undermining growth, are further critical elements for financial stability," IMF Chief Christine Lagarde said.

Ratings agency S&P this weekend downgraded the long-term sovereign rating of the US from the top 'AAA' level for the first time in history.