Page 13 - S&p

S&P, Nasdaq retreat as data show weak domestic business activity

Data from IHS Markit showed gains at factories were offset by a retreat at services industries in September

Global automobile sales forecast to fall by 20% this year, says S&P

Global light vehicles sales are expected to fall by 20 per cent this year compared with 2019 following sales and production disruption due to the COVID-19 pandemic, S & P Global Ratings in a report published on Friday."This new forecast follows a first-half 2020 sales slump of 25 per cent, an unprecedented shock for the global industry," said S & P Global Ratings analyst Vittoria Ferraris."We project global vehicle sales to expand 7 to 9 per cent both in 2021 and 2022, meaning that light vehicle sales two years from now will still be 6 per cent below 2019 volumes."Any upside to our sales scenario will stem mainly from the Chinese market, the most dynamic but least predictable among the main global auto markets, said Ferraris adding that China may be the only market to catch up with 2019 volumes by the end of 2022.S & P said its global auto sales forecast is more conservative than general market standards.But it deems it consistent with the pandemic-related dramatic squeeze

Debt monetisation by RBI could undermine investor confidence: S&P

S&P said sovereign-bond purchases by central banks in emerging markets have not spooked the markets because investors accept these operations as emergency actions related to the Covid-19 pandemic

Fiscal deficit may hit 8% of FY21 GDP on additional govt borrowing: Experts

The development comes at a time when the economy is limping back to normalcy after a stringent lockdown that lasted over two months

Reliance's asset monetisation over 4 months to boost credit quality: S&P

The oil-to-telecom conglomerate has amassed Rs 2.1 trillion in investment proceeds since Facebook announced its investment in its digital unit Jio Platforms Ltd in April

Hong Kong's 'specialness' being eroded, zero growth plausible, says S&P

Hong Kong's long-term economic prospects faced risks from the deterioration in the US-China relationship, resulting in a decoupling of the US dollar and Chinese financial systems, S&P said

State-run banks will need Rs 35,000-40,000 crore of additional capital: S&P

Government-owned banks in India, in aggregate, will be able to absorb the estimated credit losses without breaching the regulatory minimum, but these banks need capital to grow

Wall Street slips as surging virus cases dent recovery hopes; Dow falls 1%

The Labor Department's most timely data on the economy showed 1.31 million Americans filed for state unemployment benefits in the latest week

Covid-19 pandemic may set back banks' recovery by years, says S&P

It also expects non-performing assets (NPAs) to hit a fresh high this year.

Indian economy in deep trouble; growth may contract 5% this year: S&P

S&P Global Ratings on Thursday said Indian economy is in deep trouble with growth expected to contract by 5 per cent this fiscal. "India's economy is in deep trouble. Difficulties in containing the virus, an anemic policy response, and underlying vulnerabilities, especially across the financial sector, are leading us to expect growth to fall by 5 per cent this fiscal year before rebounding in 2021," S&P said in a report. In its report titled 'Asia-Pacific losses near USD 3 trillion as balance sheet recession looms', S&P projected the region's economy to shrink by 1.3 per cent in 2020, but grow by 6.9 per cent in 2021. This implies a loss nearing USD 3 trillion output over these two years. "Asia-Pacific has shown some success in containing COVID-19 and, by and large, responded with effective macroeconomic policies," said Shaun Roache, chief economist for Asia-Pacific at S&P Global Ratings. "This can help cushion the blow and provide a bridge to the recovery. The ...

Wall Street rallies on hopes of economic recovery; S&P up over 1%

The S&P 500 is on pace to finish the week with a 3.5 per cent gain, which would be its fourth in the last five weeks

Here are the rating agencies' forecasts on India in the last 2 months

Amid the coronavirus pandemic, the pace of credit rating downgrades has accelerated with average monthly downgrades increasing by 22 per cent in the past few months, ICRA said in a report

Fitch revises India's rating: A third view which is different yet again?

Fitch has used the pandemic impact to comment on lower growth for India, which can be -5 per cent this year due to the lockdown and its effects

Fitch revises India's sovereign rating outlook to negative from stable

Retains ratings at lowest investment grade

Wall Street mixed as investors weigh spike in virus cases; Dow trades flat

Battered shares of US airlines, casino operators and cruise operators slipped after attempting a rebound in recent weeks

S&P doesn't do a Moody's: Retains India's sovereign rating and outlook

Now all three rating agencies, Moody's, Fitch and S&P have the lowest investment grade rating for India

S&P retains India's sovereign rating at 'BBB-'; keeps outlook stable

S&P has forecast India's economy to shrink by 5 per cent this fiscal

Moody's downgrade of India's sovereign debt had been on cards for months

In comparative terms, India has been a laggard among Emerging Markets in 2020. The downgrade just makes the task of its economic recovery a little more daunting

After Fitch and CRISIL, S&P projects Indian economy to contract 5% in FY21

New cases have been averaging more than 6,000 a day over the past week as authorities begin easing stringent lockdown restrictions gradually to prevent economic costs from blowing out further

S&P closes at 10-week high on vaccine hopes, stimulus pledge; Dow up 3.8%

Drugmaker Moderna Inc surged 19.96 per cent after the company said its experimental COVID-19 vaccine showed promising results in a small early-stage trial