Stocks on the Hong Kong exchange fell most among major Asian markets after Moody’s rating agency cut the financial hub’s rating from Aa2 to Aa3. The city’s government says it “strongly” disagrees with the decision.

The Hang Seng Index lost more than 2.6 percent as it closed on Tuesday. Meanwhile, other regional markets slid, with mainland China’s Shanghai Composite and Shenzhen component down more than one percent and Japan’s Nikkei falling 0.9 percent. (RT)