UPDATE 4-Tel Aviv stocks fall 7 pct on US debt downgrade | Reuters: "* Tel Aviv blue-chip index down 7 pct after delayed opening
* Market fears another global recession
TEL AVIV, Aug 7 (Reuters) - Tel Aviv shares closed nearly 7 percent lower on Sunday in the first response of a developed market to Standard & Poor's downgrade of the United States' credit rating that has sparked fears of another global recession.
The Israeli market along with a few emerging markets in the Middle East were the first to trade after S&P late on Friday cut the U.S. long-term credit rating by a notch to AA-plus from AAA due to concerns about the country's budget and climbing debt burden."
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