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Hong Kong. Asian markets were mostly lower early on Tuesday after Moody’s downgraded its credit ratings on six European nations, blaming the ongoing fallout from the continent’s debt crisis.

The move came after Greek lawmakers pushed through a package of austerity cuts late on Sunday, with Premier Lucas Papademos saying the measures were “the country’s only hope” to avoid economic meltdown and secure another bailout.

Indonesia’s benchmark stock index, however, was little changed at the midday break on Tuesday.

The Jakarta Composite index closed at 3,960.05 at midday, down 1.85 points, or 0.05 percent, compared to Monday’s closing. It had been down 0.6 percent earlier in the morning.

Bank Mandiri, Indonesia’s largest bank by assets, dropped 1.6 percent to Rp 6,250 while rival Bank Rakyat Indonesia fell 1.5 percent to Rp 6,750.

Agung Podomoro Land, one of the largest property developers in the country, gained 3 percent to Rp 340. Investor daily reported that the company was setting aside Rp 400 billion in a plan to acquire a hotel in Seminyak, Bali.

Sydney lost 0.87 percent in morning trade, Tokyo was off 0.15 percent by the midday break while Seoul’s benchmark index was 0.25 percent lower.

Hong Kong was flat, down 0.03 percent, with Shanghai shares off 0.17 percent.

Moody’s chopped ratings for Italy, Spain and Portugal and said its top ratings on Austria, France and Britain were also at risk.

Ratings were also cut for Slovenia, Slovakia and Malta, with the agency warning that all nine countries were increasingly susceptible to financial and macroeconomic risks from the eurozone debt crisis.

The news came as Chinese and European Union leaders met in Beijing Tuesday for a summit likely to be dominated by the debt crisis.

There has been speculation that China may try to help resolve the eurozone’s fiscal woes, armed with its massive foreign exchange holdings, as Beijing looks to prop up a key export market.

European finance ministers will meet Wednesday in Brussels to sign off on the Greek deal necessary for a Europe-sponsored rescue package, followed by an offer to private sector holders of Greek government bonds.

The debtholders will be asked to exchange their existing bonds for new bonds with half the face value, chopping about 100 billion euros off Greece’s 350 billion euro ($463 billion) debt mountain.

Athens must make the offer by Friday at the latest to complete its debt writedown -- and receive the fresh bailout package -- before a looming March 20 bond redemption, when the government must repay 14.5 billion euros.

“Markets will likely trade cautiously ahead of tomorrow’s meeting of (European Union) finance ministers, especially as it appears that at least Germany and the Netherlands remain sceptical of Greece’s austerity plans, which could frustrate the approval of a second 130 billion euro bailout package,” Credit Agricole said in a note to clients.

The budget cuts sparked anger among many Greeks and Athens has been rocked by violence, with dozens injured and buildings set ablaze as an estimated 80,000 protesters voiced their opposition to the unpopular austerity plan.

The drop in Asian markets followed a solid day on Wall Street as the Dow Jones Industrial Average gained 0.57 percent, the broad-based S&P 500 added 0.68 percent with the tech-heavy Nasdaq Composite up 0.95 percent.

Apple shares finished at $502.60, surpassing the $500 mark for the first time amid reports the tech giant would unveil a new iPad next month and after it released blockbuster quarterly earnings in January.

The firm more than doubled its net profit to a record $13.06 billion as revenue also hit an all-time high.

Meanwhile, the owners of New York’s Empire State Building applied to take it public in a real estate trust with the aim of raising $1.0 billion in an initial public offering.

On currency markets, the euro stood at $1.3160 and 102.09 yen, from $1.3191 and 102.34 yen.

The dollar bought 77.57 yen from 77.58 yen.

Oil prices were down in Asian trade, with New York’s main contract, light sweet crude for delivery in March, falling 24 cents to $100.67 and Brent North Sea crude for March shedding 26 cents to $117.67 on its last trading day.

Gold was at $1,717.25 an ounce at 0310 GMT, against $1,721.90 in New York.

Agence France-Presse