Asian stocks weighed down by US debt concerns (AP)

HONG KONG ? Most Asian stock markets fell Wednesday as the U.S. government edged closer to defaulting after lawmakers in the world's biggest economy failed to make significant progress on raising its borrowing limit.

Oil dropped to near $99 a barrel. The dollar weakened against the yen but strengthened slightly against the euro.

U.S. Republican leaders had promised a vote Wednesday in the House of Representatives on a plan to increase the $14.3 trillion debt limit and avoid America's first-ever default. But the vote was put off until at least Thursday.

Investors are concerned that time is running out to break the deadlock over raising the borrowing limit as the Aug. 2 deadline looms. If a deal is not reached by then, the government won't have enough cash to pay all its bills and could default on its debt.

Currently, about 40 cents of every dollar spent by the U.S. government is borrowed. Lawmakers are divided over how to get the U.S. government accounts into a healthier state in the longer term.

"The stalemate over the U.S. debt ceiling limit will likely weigh on sentiment while the pressure on the U.S. dollar is likely to continue," strategists at Credit Agricole CIB wrote in a research note.

Investors in Asia reacted coolly after news that the lawmakers put off the vote by a day.

Japan's Nikkei 225 stock average fell 0.6 percent to 10,041.01 andSouth Korea's Kospi edged down 0.1 percent to 2,167.22.

Australia's S&P/ASX 200 fell 0.3 percent to 4,560.30 and Hong Kong's Hang Seng Index was nearly unchanged at 22,570.35.

Benchmarks in Singapore and New Zealand also retreated.

China's Shanghai Composite Index rose 0.1 percent to 2,706.15.

In currencies, the dollar weakened slightly to 77.84 yen from 77.88 late Tuesday in New York. The euro slipped to $1.4505 from $1.4518. On Tuesday, the euro rose above $1.45 for the first time since July 5, while the dollar fell below 78 yen for the first time since mid-March.

Benchmark oil for September delivery was down 46 cents to $99.13 a barrel in electronic trading on the New York Mercantile Exchange. Crude lost rose 39 cents to settle at $99.59 on Tuesday.

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/ap/20110727/ap_on_bi_ge/world_markets

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