Asian Markets Open Low

Ahead of a crazy week expected in American stocks, Asian markets opened low Monday following the historic U.S. credit downgrade. Japan's main Nikkei 225 index fell 0.9 percent, Hong Kong's Hang Seng dropped 2.6 percent, and South Korea's Kospi tumbled 1.5 percent. Australia and New Zealand also opened lower. The Group of Seven industrial nations has pledged to help contain the losses and take all necessary measures to support financial stability. The U.S.'s loss of its AAA credit status Friday was a blow to the global economic outlook; however investors are expected to turn their focus toward economic growth. The European Central Bank announced Sunday that it would begin a plan to buy bonds from Italy and Spain in hopes of pre-empting further disaster in the European markets.