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World stocks fall on Europe debt crisis impasse

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Fitch Ratings, citing Portugal's large fiscal imbalances, its high indebtedness across all sectors and an adverse macroeconomic outlook, reduced the country's credit rating to BB+. That means Portugal is considered non-investment grade by Fitch, making it even more difficult for the struggling country to return to the bond markets.

Adding to the pain was Hungary, which was downgraded to junk by Moody's Investors Service late Thursday.

Analysts said many investors have concluded that Europe is likely headed for a slowdown or recession -- or even a breakup of the currency union -- given the inability so far to map out a plan for saving countries that are at risk of default because of unsustainable debt levels.

Such an event could engulf major banks and freeze credit markets in a similar fashion to the global financial paralysis after Lehman Brothers collapsed in 2008.

"Are we going to see a breakup of the euro or not? The comments and the downgrades overnight continue to worry investors," said Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong.

"The inability to resolve the debt crisis and come out with a workable solution -- people have the obvious worry of what that will do to bond yields," Sullivan said. "This is a debt problem, and this is going to cost money to resolve."

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AP - Boston