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RSS FeedsChina downgraded by Moody`s, as Draghi hails eurozone recovery - as it happened
(The Guardian China)

 
 

24 may 2017 18:40:07

 
China downgraded by Moody`s, as Draghi hails eurozone recovery - as it happened
(The Guardian China)
 


Beijing has hit back after being downgraded by Moody´s for the first time since the Tiananmen Square protestsOil producers´ monitoring committee recommends extending output cutsMario Draghi: Things are getting betterMoody´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 rise 5.35pm BST UK shares managed to end the day in positive territory, as investors shrugged off Moody´s downgrade of China´s credit rating. The FTSE 100 edged higher while the FTSE 250 recorded yet another closing high. But with the euro holding steady, European markets were more subdued, dipping lower by the close. The final scores showed: 4.34pm BST Back with Moody´s downgrade of China´s credit rating, and Capital Economics says it is not surprised the market reaction has been limited. The forecasting group´s Daniel Christen and Mark Williams said:There was no particular trigger for the move, other than ongoing concerns about the lack of reform momentum in the country´s financial markets...Ultimately, as is often the case with such downgrades, the announcement contained little, if any, `news`: China´s struggles to bring down leverage, while maintaining rapid economic growth are well-documented, and Moody´s had lowered its outlook for China in March 2016.Chinese markets barely reacted to Moody`s downgrade. Slowing growth, not valuations, will hold back equities in 2017https://t.co/OtNTlJBENv pic.twitter.com/QnRNGtLehJ 4.25pm BST The jump in the oil price has not lasted long.With the key Opec meeting on Thursday, some caution has returned to the market after the positive price move after the bigger than expected drop in US crude stocks. Brent is now down 0.15% at $54.07 a barrel. Chris Beauchamp, chief market analyst at IG, said:US crude stockpiles dropped by an impressive 4.4 million barrels last week, according to data released this afternoon. While the news did cause a spike in the price o ...


 
4 viewsCategory: General > Asia > China
 
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