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BBC reporters on impact of US debt ceiling crisis

16 October 2013 Last updated at 11:12 BST

Asian markets slumped immediately after the news that attempts to avert the US debt default had failed overnight.

It highlights the impact of America's turmoil on markets around the world.

BBC reporters Juliana Liu in Hong Kong, Sameer Hashmi in Mumbai and Nigel Cassidy in London explain how their countries are affected.