Fitch Financial News

(Reuters) — Global ratings agency Fitch downgraded Ecuador deeper into junk territory on Wednesday, citing financing risks arising from a significant deterioration in fiscal accounts as the country heads to polls.

₹2,406 crore during Wednesday's session. As per the NSE data, FIIs cumulatively bought ₹21,055.98 crore of Indian equities, while they sold ₹20,333.22 crore --- resulting in an inflow of ₹722.76 crore. Meanwhile, DIIs infused ₹7,967.77 crore and offloaded ₹5,571.48 crore, registering an inflow of ₹2,406.19 crore.

Investing.com — European stock markets stabilized Wednesday, with investors digesting better than expected U.K. inflation numbers, more corporate earnings as well as China’s deteriorating economic outlook.

A rare corporate bond deal lit up the market on Wednesday as NBN Co tapped investors for a new five-year fixed-rate debt raising.

Stock market today: Extending weakness for fifth day in a row, Nifty Bank index today opened with downside gap and went on to hit intraday low of 43,600 levels, logging 1364 points loss in five straight sessions. Comparing Bank Nifty's last positive closing of 44,964 on 8th August 2023 and today intraday low of 43,600 mark, Bank Nifty has logged over 3 per cent loss in five successive trade sessions since Wednesday last week. According to stock market experts, today fall can be attributed to Fitch warning to downgrade dozens of US banks including JP Morgan.

It was least expected that the US Dollar index would give a breakdown on the chart below strong support of 100.50. And onto it, it was again least expected that the breakdown will be a false one. As the pair bottomed out near 99.50 and jumped sharply above 102.80 levels, the traders are into curious contemplation on the outlook.

«Market is witnessing consolidation at higher levels in the absence of any positive trigger. We expect this trend to continue in the near term as a series of macro data around the world and FOMC meeting minutes will be released during the week which could keep markets subdued,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services. Option data suggests a broader trading range in between 19000 to 19800 zones while an immediate trading range in between 19200 to 19600 zones. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded 88.5 points, or 0.45 per cent, lower at 19,385.50, signaling that Dalal Street was headed for negative start on Wednesday.

Indian stock market is likely to open lower on Wednesday tracking weak global cues amid overnight selloff in the US equities. Concerns that interest rates may remain higher for a longer time dampened investors' sentiment. On the domestic front, Indian markets were shut on Tuesday on account of the Independence day holiday.

Rep. Roger Williams, R-Texas, discusses the U.S. economy, COVID fraud and the border crisis on ‘Mornings with Maria.’

International Assets Advisory CEO Ed Cofrancesco discusses the FOMC's stress test for big banks and his stock picks to short.

Gerry Goldberg’s clients have varying reactions to congressional efforts to remove the limit on deductions for state and local taxes that has been in place for several years.

Check out the companies making headlines in midday trading.

Fitch Ratings analyst Chris Wolfe warned that the US banking industry has inched closer to another turbulence — the risk of rating downgrades on dozens of US banks that could even include JPMorgan Chase, a report from CNBC said Tuesday. In June, the ratings agency lowered the score of the US banking industry's "operating environment" to AA- from AA, citing pressure on the country's credit rating, gaps in regulatory framework and uncertainty about the future trajectory of interest rate hikes.

Fitch’s recent downgrade of U.S. public debt, dropping it one notch below “AAA,” is good reason to examine the relationship between U.S. debt and the dollar’s future as a reserve currency. The greenback is just the latest in a series of preferred currencies that have been used for foreign exchange reserves and to denominate other assets. But reserve currencies, unlike diamonds, aren’t necessarily forever, and that affects their issuers’ capacity to manage their public debt.

Fitch Ratings warned that U.S. banks, including JPMorgan Chase, could be downgraded if the agency further cuts its assessment of the operating environment for the industry, according to a report from CNBC on Tuesday. In June, Fitch lowered the score of the U.S.

(Reuters) — Shares of U.S. banks dropped in premarket trading after a Fitch Ratings analyst told CNBC that the agency could downgrade several lenders, while a proposed rule change by a top banking regulator added to investor worries.

Citi analysts lifted the price target on Abercrombie & Fitch (NYSE:ANF) to $45 from $33, maintaining a Neutral rating on the stock in a note to clients Tuesday.

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MUMBAI : Nirma Ltd has submitted the sole binding bid for Glenmark Pharmaceuticals Ltd’s 82% stake in listed life sciences subsidiary Glenmark Life Sciences Ltd, three people aware of the matter said. ChrysCapital and Sekhmet Pharmaventures Pvt. Ltd, the other potential bidders, chose to stay away due to differences over valuation.

By Yoruk Bahceli