Moody's has cut its rating of Hungarian government debt to junk status. The ratings agency blamed the country's high levels of debt and weak prospects for growth and has doubts over whether the government can achieve its economic goals. The government says the move is part of a series of financial attacks against the country.

 

Let's take a look at the market numbers. As they finished and developments in Hungary added to broader concerns about the health of the global economy, particularly in Europe, which dragged down those European stocks on Friday. Local investors followed suit. The market ended lower for the sixth day in a row in Australia with the ASX 200 falling below the benchmark level of 4,000. It's a similar story across the region. The Nikkei in Japan is around the lowest level in 2.5 years. And in the US, markets have ended the week on a negative note, the Dow just closing down there lower as you can see, and the Aussie dollar is hovering at around 97 US cents.