Fitch Financial News

29.05 / 15:03

Fallout Fitch show reports Investigations Anti-money laundering issues have TD Bank outlook downgraded to negative

TORONTO — Fitch Ratings Inc. says it has downgraded its outlook on TD Bank Group to negative from stable because of the potential fallout from anti-money laundering deficiencies at the bank.

29.05 / 08:09

COST economy Fitch Moodys performer country S&P revises outlook for India to positive, affirms rating at BBB-

Rating firm S&P on Wednesday revised outlook for the Indian economy to 'positive' from 'stable' and has affirmed the overall rating at 'BBB-'. 'BBB-' is the lowest investment grade rating offered. «India's robust economy growth positive impacts credit metrics,» S&P said. «The government's infrastructure spend will aid India's growth trajectory. We expect a continuity in India reforms regardless of poll outcome,» S&P said.

27.05 / 08:57

markets Target Reuters Election Fitch performer reports RBI's ₹2 lakh-crore boost may help India's new govt have an easy-peasy run to achieve a goal

dividend announced by the Reserve Bank of India (RBI) may help the newly-elected Indian government meet the 5.1 per cent of GDP deficit target for the fiscal year ending March 2025 (FY25), said Fitch Ratings in its latest report on Monday. It further stated that the dividend income could be used to lower the deficit beyond the current target. The RBI on May 22 announced a record-high dividend transfer to the government, equivalent to 0.6 per cent of GDP (Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.

20.05 / 17:27

markets Metro Fitch Southern pandemic trends reports Homes are overvalued in most of the US – and the problem is worse in these 5 states

ResiClub co-founder and editor-in-chief Lance Lambert discusses the U.S. housing affordability crisis on 'Making Money.'

01.05 / 14:23

Fitch community consequences innovations Videos Why hundreds of U.S. banks may be at risk of failure

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18.04 / 20:54

Aware Manufacturing security Sustainability Fitch Trade International JSW Steel raises $900-million loan from eight foreign banks

JSW Steel, India's largest manufacturer of the alloy, has raised $900 million from a consortium of eight foreign banks to refinance debt maturing this month and pre-pay some high-cost borrowings. The loan was priced 180 basis points above the international secured overnight financing rate (SOFR) earlier this month, multiple people aware of the details said. One basis point is a hundredth of a percentage point. Eight banks — Singapore's DBS Bank, France's BNP Paribas, UK-based HSBC and Standard Chartered, UAE's Mashreq Bank and First Abu Dhabi Bank, Japan's Sumitomo Mitsui Banking Corp (SMBC) and Taiwan's CTBC Bank — are the joint underwriters for the loan.

17.04 / 16:39

markets UPS Fox Fitch pandemic show reports Government hiring spree propping up the US job market

Employbridge’s Joanie Bily explains what the March jobs report says about the state of the U.S. economy on 'Making Money.'

16.04 / 09:15

UPS Reuters Fitch reports China's first quarter GDP growth beats expectations with 5.3% year-on-year jump

The figure for the first quarter of the year, reported by the National Bureau of Statistics today (16 April), surpassed the expectations of Reuters analysts, who had predicted a growth rate of 4.6%. On a quarterly basis, GDP grew by 1.6%. Overall, China's GDP stood at CN¥29.63trn ($4.17trn) at the end of the period. Compared to the same period in 2023, China's industrial output was up 6.1%, with retail sales climbing 4.7%, according to the NBS. Fitch Ratings downgrades China's credit to 'Negative' as deficits 'erode fiscal buffers' Chinese residents' nominal disposable income wa...

14.04 / 05:31

markets Fitch Morningstar Research inclusion FPIs infuse over Rs 13,300 crore in equities in April so far amidst bullish economic outlook

Another major concern is the surcharged geopolitical situation in the Middle East with heightened tensions between Iran and Israel. These will keep the markets on tenterhooks in the near-term, he added.

12.04 / 03:47

markets Target Fitch trends Trade Experts recommendations Day trading stocks to buy: IHC to ITC — Anand Rathi expert recommends three shares to buy today — April 12

Day trading stocks to buy today: On account of strong global market sentiments despite the global rating agency Fitch downgrading its outlook for China, the Indian stock market ended higher on Wednesday. Two out of three benchmark indices — the Nifty 50 and the Bank Nifty — climbed to a new peak of 22,775 and 49,057 respectively. The Nifty 50 index had the highest-ever closing of 22,753 as well.

11.04 / 19:05

FIVE Booking security WhatsApp Fitch stage reports Fitch Co flags concerns over Vedanta demerger

Vedanta's proposed demerger, where it is dividing its debt among the six demerged entities based on their respective book asset values, has raised concerns about the allocation of specific debt to each entity. For bondholders of Vedanta Resources (VRL), the parent of Mumbai-listed Vedanta, a major concern is the security over the Indian entity's shares, said Fitch Group unit CreditSights in a report. In September 2023, the mining conglomerate announced plans to demerge five of its key businesses — aluminium, oil and gas, and steel, into separate listed entities.

11.04 / 07:01

markets UPS Fitch Experts show track Department Uday Kotak of Kotak Bank shows THIS wild card as he warns to be ready for turbulence

Is China going to default? Fitch cuts rating to negative Also Read: Will India overtake China to become world's economic heavyweight by 2028? Meanwhile, the US consumer price index (CPI) rose 0.4 per cent month-on-month (MoM) and 3.5 per cent year-on-year (YoY), above the Street expectations of 0.3 per cent MoM and 3.4 per cent YoY, according to data released by the Labor Department's Bureau of Labor Statistics on Wednesday, April 10. Core inflation, which the Fed tracks closely, grew 0.4 per cent MoM against the expectations of a 0.3 per cent increase.

11.04 / 01:47

markets Election Fitch Trade Celebrity Stock market holiday: Is Indian stock market open today?

Stock market holiday: As the entire nation is celebrating Eid-Ul-Fitr or Eid 2024, some of the Indian stock market investors might get confused about whether the Indian share market is open today or not. For such investors, it is better to log in to the official BSE website — www.bseindia.com, and look at the list of stock market holidays in 2024. So, to know an official answer to the question of whether the Indian stock market is open today or not, one needs to look at the list of trading holidays in 2024, which can be found on the official BSE website mentioned above.

10.04 / 19:21

markets FIVE Fitch Bill show folk rights Uncle Sam’s debt woes create opportunity for muni buyers

Uncle Sam is digging a hole that only taxpayers can fill. That’s why advisors are plugging their high-net-worth clients’ portfolios full of tax-free municipal bonds.

10.04 / 09:33

UPS Progressive economy Fitch Trade reports China says economy 'stable,' rejects Fitch Ratings downgrade of its fiscal outlook

China's Finance Ministry has denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative

10.04 / 09:33

markets UPS Fitch Nikkei reports Stock market today: Asian markets are mixed, Shanghai falls as Fitch lowers China's rating outlook

Shares are mixed in Asia after U.S. stock indexes held at a near standstill ahead of some potentially market-moving reports

10.04 / 07:43

UPS economy Fitch Moodys International Is China going to default? Fitch cuts rating to negative

How a domestic rating agency wants to take on the big guns China's finance ministry called the Fitch rating "regrettable". "From the results, it can be seen that the indicator system of Fitch's sovereign credit rating methodology has failed to effectively and proactively reflect" Beijing's efforts to promote economic growth, it said.

03.04 / 19:07

UPS Citi economy Fitch country International How a domestic rating agency wants to take on the big guns

Mumbai: Homegrown Care Ratings Ltd plans to start its sovereign debt ratings service with countries in Asia and Africa, followed by Europe in the long term, a top executive said. The agency, which is creating a subsidiary in GIFT City for the purpose, will start with countries where it already has some presence, such as Nepal, Mauritius and South Africa. The board of Care Ratings last month approved setting up CareEdge Global IFSC Ltd for the purpose, managing director and group chief executive of CareEdge—a group level brand identity—Mehul Pandya said in an interview.

02.04 / 10:37

Target WhatsApp Fitch Moodys Research country Indian government meets revised tax collection targets for fiscal 2024: Official

tax collection target of over Rs 34.37 lakh crore for 2023-24 on the back of robust economic activity and improved compliance, an official said. «Overall targets for tax revenue have been met,» the official told PTI. The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 lakh crore, while for indirect taxes (GST+ Customs + Excise) the target was lowered to Rs 14.84 lakh crore in the revised estimates (RE) presented in Parliament on February 1, 2024. The net direct tax collections (comprising corporate tax and personal income tax) reached over Rs 18.90 lakh crore as of March 17.

29.03 / 10:02

markets UPS IPO security Fitch reports International Shapoorji Pallonji Group’s flagship firm, Afcons Infrastructure, files DRHP to raise Rs 7,000 crore via IPO

Shapoorji Pallonji Group’s flagship infrastructure engineering and Construction firm, Afcons Infrastructure Limited (AIL), has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). According to the draft papers, the IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares of Rs 1,250 crore and an offer for sale of up to Rs 5,750 crore by Goswami Infratech Private Limited.

22.03 / 14:37

markets Gap security Strategy Enterprise Fitch track The New Normal for Mortgage Rates Will Be Higher Than Many Hope

Interest rates are likely to come down later this year, with the Federal Reserve on track to start cutting rates. But mortgage rates might not follow as quickly. That is because mortgages, and mortgage-backed bonds, just aren’t as in demand in financial markets as they were in the years before the Fed began to start to tighten in 2022.

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