Global markets are having a negative reaction to Friday's downgrade of the U.S. credit rating by the Standard & Poors rating agency. Major Asian indexes in Tokyo, Seoul and Sydney were all down more than 1 per cent shortly after Monday morning's opening. Stock futures in New York also were lower ahead of the opening on Wall Street Monday.Stock markets in Dubai and Egypt dropped about four percent, and the effects were even worse in Israel. The Tel Aviv Stock Exchange delayed its open by 45 minutes to avoid panic but it did not help. The market plunged by seven per cent in response to the downgrade of the debt rating in the United States.