Hints and tips:
...As Clemens von Luckner observed on X, this is simply an “absurd transaction”, a fairly desperate gamble for financial redemption that even Fitch gave a CCC+ grade....
...Fitch is the latest rating agency to strip the US of its triple A rating, downgrading it to a more humdrum AA+....
...Fitch did not adjust its “country ceiling”, which it affirmed at AAA....
...(Kotaku) — Post-neoliberalism, the baby, and the bathwater (The Home-Groan Globalist) — The long goodbye: How Libor ended and why the arguing hasn’t (Euromoney) — Abercrombie & Fitch ex-CEO accused of...
...— It’s time to change how we cover Elon Musk (The Verge/Platformer) — The lawless crypto industry’s attack on the SEC (The Public Interest) — Fitch’s downgrade of US is odd but not pointless (OMFIF)...
...perfect storm of events over recent weeks — upward revisions to growth forecasts, as economic resilience in the face of tighter monetary policy has driven expectations of higher neutral policy rates (r*); Fitch...
...And no, the Fitch downgrade won’t matter either. C’mon....
...Fitch still expects a resolution to the debt limit before the x-date....
...Fitch, which rated the deal triple-A, says underwriting standards are “well-aligned to Fitch’s expectations for prime mortgage origination”, but noted that the OSB’s willingness to make loans to self-employed...
...Read more on the investor reaction to Fitch’s decision....
...In the financial world, Captain Hindsight’s sidekicks Coulda, Shoulda and Woulda would be called Standard & Poor’s, Fitch and Moody’s....
...Robin Monro-Davies was also the father of Fitch — today the number three credit rating agency after Moody’s and S&P....
...— Axa Investment Managers “In search of silver linings” — Legal & General Investment Management “Navigating new economic realities” — Moody’s “No easy way out” — S&P Global “Credit outlook 2023” — Fitch...
...Fitch Ratings has forecast that the US junk bond default rate will rise from 1.2 per cent today to 2.5-3.5 per cent by the end of 2023, and 3-4 per cent by the end of 2024, compared to the long-term 3.8...
...Asia editor Robin Harding says Beijing has ample scope to transfer cash to households, boost consumption and get the economy moving....
...As Robin Wigglesworth pointed out on Alphaville last week, AI-related tech stocks are doing much of the heavy lifting....
...In other news, Fitch has put the US on “negative watch”, its equivalent of a stern talking-to. I’ve somehow managed to line up my long-planned summer holiday with the drop-dead date....
...Citigroup has named Robin Rousseau and Barry Weir as co-heads of M&A for Europe, the Middle East and Africa, replacing Alison Harding-Jones....
...“The credit profiles of corporate issuers most affected by the economic crisis are still under pressure and the rate of defaults is likely to remain high throughout 2020 and potentially into 2021,” Fitch...
...Credit rating agencies, which up until late February awarded Russia investment-grade status, have slashed it to the very lowest “junk” ratings, with Fitch Ratings saying a default is “imminent”....
...Fitch Ratings said earlier this week that payment in the Russian currency would constitute a default....
...One good read Tiger Global — or, as FT Alphaville’s Robin Wigglesworth calls it, the Yolo hedge fund — made a huge bet on tech. Boy, has it not panned out....
...Robin Wigglesworth argues that the relative resilience of Big Tech is obscuring the extent of the damage....
...In a market that trades 1.5m contracts a day, that amounts to $1.35bn of extra costs to the end user, Fitch said. “Why has it moved back?...
...Bill Ackman sees a risk of SoftBank having to write off all of its investment in WeWork, he told the Robin Hood investor conference in New York on Tuesday....
International Edition