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RBI's move on unsecured credit to hit loan growth: Fitch
The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth. This should also reduce the potential for the rising appetite for such lending to weaken financial system stability, a report by Fitch Ratings said.
India set for strong growth, macro-stability in FY24 | Mint Inflation, external factors could pose risks, says finance ministry’s monthly economic review. In September, Fitch Ratings retained its India growth forecast for the current fiscal at 6.3%. S&P Global has predicted 6% GDP growth for FY24.
Ranking The Credit Ratings Of Major Economies These rankings are illustrated below by The Hinrich Foundation via visualcapitalist.com. The graphic is an amalgamation of indices from the three juggernauts of the rating world (S&P, Moody’s, Fitch)
Tale of two halves: Goldman sees GDP powered by govt, private sector | Mint In calendar year 2024 (CY24), economic growth “is likely to be a tale of two halves", says Goldman Sachs. The bank expects subsidies and transfer payments to drive growth as the country heads into general elections in May. In September, Fitch Ratings retained its growth forecast for the current fiscal at 6.3%.
India’s power demand seen rising 7% this fiscal: Fitch | Mint India’s power demand is expected to grow 7% in FY24, according to a report by Fitch Ratings. Last fiscal, power consumption increased 9.5%. In the first half of this fiscal, the demand witnessed a year-on-year growth of 7.1%.
Thailand to Spread Out Borrowing for $14 Billion Handout Thailand plans to borrow 500 billion baht ($14 billion) in phases to finance a cash handout program to stimulate its economy. The borrowing will be spread over two to three years as the shops and vendors participating in the so-called digital wallet plan will not be cashing out in one go. Fitch Ratings earlier this week affirmed Thailand’s rating at BBB+ and its stable outlook.
US Sovereign Credit Rating Outlook Downgrade By Moody’s Ratings Moody’s Investors Service, one of the three main credit rating agencies, signaled the US Sovereign Credit Rating could be subject to a future downgrade by changing the assigned Outlook from Neutral to Negative. The move follows a downgrade from Fitch Ratings on August 3, 2023.
Oil could hit $120 next year – Fitch Ratings Fitch Ratings says higher-than-expected oil prices could curb world GDP growth by 0.4 percentage points next year. The agency's previous forecast suggested that oil would average $75 per barrel in 2024 and $70 in 2025.
Fitch affirms Australia's triple-A credit rating Australia's top-tier triple-A rating has been affirmed by global credit rating agency Fitch. Fitch also believes the Reserve Bank has reached the end of its interest rate tightening cycle. The agency expects the surplus delivered last financial year to turn into a deficit.
Before Market Opens: 9 things to know at 9 am on November 7, 2023 | Mint Primer The GIFT Nifty was trading 19 points or 0.10 percent lower at 19,461. Fitch Ratings on November 6 revised India's medium-term growth estimate upward by 70 basis points to 6.2 percent.
Fitch Upgrade Boosts India's Growth Outlook: Medium-Term Potential Raised to 6.2% Fitch Ratings revises India's medium-term potential growth forecast from 5.5% to 6.2%. Upward revision highlights India’s growing economic resilience and its ability to sustain strong growth momentum. Fitch Ratings simultaneously lowered the growth estimate for China from5.3% to 4.6%.
Fitch raises India's medium-term growth estimate, cuts China's Fitch Ratings has raised India's medium-term potential growth estimate by 70 basis points to 6.2 per cent on the back of an improvement in the employment rate and a modest increase in the working-age population forecast. In a report on Monday, Fitch projected medium- term potential growth for the 10 emerging economies at 4 per cent, down from 4.3 per cent.
Investors richer by Rs 7.95 lakh crore as stocks rally 30-share BSE Sensex jumped 594.91 points or 0.92 per cent to 64,958.69. The benchmark index has zoomed 1,367.36 points or 2.15 per cent in three days. Fitch Ratings has raised India's medium-term potential growth estimate by 70 basis points.
Fitch raises India's mid-term growth forecast to 6.2% | Mint India's medium-term potential growth estimates has been upgraded by 70 basis points from 5.5% to 6.2%. Mexico and India have both received significant upgrades from the US credit rating agency. Fitch Ratings has lowered the estimate for the 10 emerging markets (EM) that are included in its Global Economic Outlook.
Fitch raises India's mid-term growth forecast to 6.2% | Mint India's medium-term potential growth estimates has been upgraded by 70 basis points from 5.5% to 6.2%. Fitch Ratings has lowered the estimate for the 10 emerging markets that are included in its Global Economic Outlook (GEO) to 4.0% on a GDP weighted-average basis.
European EV Sales Growth Slows, But 2030 Forecasts Remain Ambitious Automakers face an electric car reality check as over-ambitious sales targets crash into cash-conscious consumers. Fitch Ratings analyst Steve Brown: "It feels like the early adopters have adopted" Schmidt Automotive said imminent onslaught from China’s ultra-competitive EVs looks like being delayed.
Oil and Gas Companies Face an Era of Credit Downgrades, Fitch Warns Fitch: More than a fifth of global corporates face a material risk of a ratings downgrade. Half of those issuers are in the oil and gas industry. Coal and utilities also stand out as being particularly exposed.
Fitch Ratings expects Otis' impact on Mexico insurance... Fitch Ratings expects Otis' impact on Mexico insurance industry to be 'controlled' Otis devastated the tourist beach resort of Acapulco and surrounding communities. It caused damages with resulting economic losses worth upwards of $16 billion.
Israel-Hamas war: List of key events, day 19 Israeli air attacks in Gaza on Tuesday killed at least 704 people, which the Palestinian Ministry of Health said was the highest 24-hour death toll there since fighting began. Credit rating agencies S&P and Fitch Ratings have downgraded Israel’s rating outlook to reflect the war risks and its effect on Israel's credit metrics.
From a likely recession to a weakening shekel, here's how the conflict with Hamas is impacting Israel's economy and markets A top Israeli economist said a recession in Israel is likely. Fitch put the country's credit rating on watch for downgrade. The Israeli shekel has weakened roughly 4.8% in less than two weeks.
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