Fitch – The News Desk

Fitch cuts China’s ratings outlook on growth risks, debt fears

10Apr

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Business

Fitch cuts China’s ratings outlook on growth risks, debt fears

Fitch Ratings Agency on Wednesday cut China's sovereign credit outlook to negative, pointing to escalating risks surrounding the country's public finances. This decision, which Beijing quickly labeled as "regrettable," underscores the mounting concerns over China's economic stability, especially amid a persistent property sector crisis threatening broader financial repercussions.Economic headwinds and policy responsesChinese authorities have been grappling with stimulating economic growth while navigating through various challenges, including the real estate sector's downturn.Despite deploying targeted measures and issuing billions in sovereign bonds to fuel infrastructure and consumer spending, experts argue that significant additional efforts are required.In a recent economic target set...

India’s construction sector levels up as housing demand spurs economy

2Dec

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Business

India’s construction sector levels up as housing demand spurs economy

If India needed any more proof that it was in the midst of a huge housing boom, it got in this week's GDP data, heightening expectations that the industry will continue to power the economy for years to come. The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed. That helped India expand at a forecast-beating 7.6%, making it one of the world's fastest-growing major economies. In contrast, Western economies have been squeezed by high interest rates and energy prices, while China has been hobbled by a debt crisis in its property sector. The long-awaited boom - which has created millions of jobs - comes after about six years of d...

Fitch: Sensex falls 677 points as Fitch cuts US rating for only 2nd time in history

3Aug

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Business

Fitch: Sensex falls 677 points as Fitch cuts US rating for only 2nd time in history

MUMBAI: The decision by global ratings major Fitch to downgrade the sovereign rating of the US — for only the second time in the history of the world’s largest economy — weighed on investor sentiment around the globe which led to across-the-board selling on Dalal Street on Wednesday. Foreign portfolio investors (FPIs) were major sellers during the session, market players said.This pulled the sensex down by 677 points or 1% to 65,783 points, its first close in the sub-66k region since July 13. HDFC Bank, Reliance Industries and ICICI Bank led the slide. On the NSE, the nifty lost 207 points or 1% to close at 19,527 points.The weakness in the global markets also affected the rupee that closed at 82.57 to the dollar, weaker by 32 paise from its Tuesday close. In the government bond market, a...

2Aug

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Business

Fitch Downgrades America – WSJ

The decision by Fitch Ratings on Tuesday to downgrade U.S. debt has irritated Wall Street and Washington, but why is anyone surprised? The downgrade to AA+ from AAA may even be an overly optimistic assessment of the U.S. fiscal outlook, and it ought to be a warning to the political class, which will ignore it. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Biden Team Throws a Fit Trying to Spin Fitch Downgrading US Credit Rating – RedState

2Aug

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Politics

Biden Team Throws a Fit Trying to Spin Fitch Downgrading US Credit Rating – RedState

I feel like I’ve said this a lot lately, but Joe Biden has a lot of gall. I think there’s no question about it. He’s done such a horrible job on the economy, driving us into record inflation spurred on by reckless spending. But then he tries to take “credit” for all kinds of things he had nothing to do with or that aren’t true. He tries to label his failures a success, even calling the mess he’s put forth “Bidenomics” (as though that were something of which to be proud). But there’s only so much you can spin, and there’s no getting away from the facts. Now, some of those facts may just have caught up to Joe Biden. Fitch Ratings has downgraded the country’s credit rating one level from “AAA” to “AA+” because of the growing debt and battles over the debt limit. NBC Nightly News was the o...