Beijing has hit back after being downgraded by Moody´s for the first time since the Tiananmen Square protestsMoody´s: China´s financial strength is fadingChina: No it´s notFirst downgrade in almost 30 yearsAgency fears China´s financial strength will `erode´ as debts riseComing up: Mario Draghi speech; Fed minutes 12.12pm BST After being rattled by Moody´s, China´s stock market managed to recover its losses by the close of trading.The Shanghai Composite Index closed up 1 point, or 0.06%, as investors digested the news that China had been downgraded by one notch to A1 (the fifth-highest rating).`It´s going to be quite negative in terms of sentiment,particularly at a time when China is looking to de-risk the banking system (and) when there´s going to be some potential restructuring of SOEs.``After being very much at the front and centre of global risk sentiment at the beginning of last year, the Chinese slowdown story has been almost forgotten, with politics throughout Europe and the U.S. taking the limelight.` 11.54am BST The price of iron ore traded in the Chinese city of Dalian slumped by 7% today, partly thanks to Moody´s downgrade.Local reports also blamed signs that stockpiles are building up (suggesting a dip in demand).Spot iron ore down heavily, but not as much as Dalian futures.MBIOI-62 -2.4% to $60.52MBIOI-58 -2.7% to $40.02https://t.co/Wk3Q4ZgdYi pic.twitter.com/EMAWqxAc44 11.22am BST Fred Goodwin might still get his day in court, whether he likes it or not.A high court judge has agreed to adjourn the case brought by thousands of Royal Bank of Scotland customers who say they were misled into supporting its rights issue in 2008, before the financial crisis.Jonathan Nash QC, representing the shareholders, told the judge on Wednesday that while prospects of a settlement remained good more time was needed.Asked by Hildyard what the impediments to a deal were, Nash said the shareholder group was not able to contact all its members. There were a `small numbe ...
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