Moodys Financial News

Investing.com — European stock markets traded higher Wednesday, buoyed by renewed confidence that the major central banks' tightening cycle has peaked. 

By Joe Cash

A look at the day ahead in European and global markets from Kevin Buckland

Investing.com-- Oil prices moved little in Asian trade on Wednesday, sticking to near five-month lows after a warning on China's economy rattled markets, while signs of an unexpected build in U.S. crude stockpiles also added to pressure on prices.

SHANGHAI (Reuters) -China's blue-chip stocks slumped to an almost five-year trough on Wednesday while the Chinese yuan extended losses, with market sentiment fragile after ratings agency Moody's (NYSE:MCO) cut China's credit outlook.

SHANGHAI (Reuters) -China's major state-owned banks were selling U.S. dollars in the onshore spot foreign exchange market for a second day on Wednesday to support the yuan currency, three sources with knowledge of the matter said.

Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. Brent crude futures fell 8 cents, or 0.1%, to $77.12 a barrel by 0101 GMT. U.S.

bond yields continued to decline. Japanese government bond yields dipped to the lowest since mid-August as U.S. Treasury yields hovered close to a three-month trough. Meanwhile, crude oil sank to a nearly five-month low, while bullion held steady after dropping back from an all-time high.

By Ankur Banerjee

Credit rating agency Moody’s has downgraded its outlook for Chinese sovereign bonds to negative, citing risks from a slowing economy and a crisis in its property sector

(Reuters) — Hours before Moody's (NYSE:MCO) downgraded the outlook for China's sovereign credit ratings on Tuesday, speculation that such a move was imminent was circulating on Chinese social media platform WeChat, a Reuters review shows.

(Corrects paragraph 9 to say U.S. job openings data will be released at 1500 GMT, not 1530 GMT. The error was also in previous editions of this story)

Indian rupee hovered in a tight range on Tuesday, ending little changed against the U.S. dollar, as likely intervention by the central bank offset local demand for the greenback. The rupee ended at 83.3825 against the dollar, barely changed from its close at 83.3650 in the previous session. The Reserve Bank of India (RBI) sold dollars near the start of the spot trading session and also intermittently stepped in during the day, traders said. Meanwhile, importers, including local oil marketing companies, were seen bidding for dollars on Tuesday, a foreign exchange trader at a state-run bank said. The dollar index was steady at 103.6 while Asian currencies were mostly lower between 0.1% to 0.6%. The offshore Chinese yuan held steady, likely supported by dollar sales from state-run banks in China after rating agency Moody's cut China's government credit rating outlook to negative. The dollar has started the week on a positive note having risen 0.4% so far after three consecutive weeks of declines. «We suspect markets may be positioning ahead of next week's Fed meeting, when Chair Jerome Powell may insist on his pushback against rate cut bets,» ING Bank said in a note, referring to the dollar's recovery. The RBI and U.S.

(Reuters) -Ratings agency Moody's (NYSE:MCO) on Tuesday cut its outlook on China's government credit ratings to negative from stable, citing lower medium-term economic growth and risks from a major correction in the country's vast property sector.

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“The outlook change reflects increased risks in China related to structurally, persistently lower medium-term economic growth,” Moody’s said. The agency affirmed China's overall rating at 'A1'. The agency expects China’s property sector to remain smaller in proportion to the entire economy than it was before the property correction which began in 2021. Moody’s now expects China’s annual GDP growth to be at 4 per cent in 2024 and 2025 and at an average of 3.8 per cent between 2026 and 2030.

Google's new AI-powered experiment — «Instrument Playground» — lets you create music inspired by instruments from around the globe. Google will let you choose one of over 100 instruments from around the world you'd like to play. For example, Veena from India or the Dizi from China or the Mbria from Zimbabwe, and MusicLM (a text-to-music AI tool) will generate a 20 second sound clip.

By Marc Jones

By Luiza Ilie

UBS managing director and senior portfolio manager Jason Katz discusses whether it's too early for the Fed to cut interest rates on 'Varney & Co.'

Far off the Texas coast there is a beautiful surprise in the Gulf of Mexico that draws divers from around the world: a stunning amount of coral coverage on undersea mountains