Asian Stocks Mostly Up as Investors Ignore China Rating Downgrade
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Asian stock investors brushed off a cut to China's credit rating by Moody's Investors Service, as the market instead continued its recent rebound in optimism after U.S. political worries hit sentiment last week.
Moody's Cuts China Rating for First Time Since 1989
Moody's Investors Service cut China's sovereign credit rating, citing expectations that the country's financial strength will deteriorate in coming years as debt keeps rising and the economy slows.
Fed's Harker Sees Two More Rate Increases This Year As Appropriate
Philadelphia Fed Chief Patrick Harker said he views it as appropriate to raise short-term interest rates twice more this year and that concerns about weak first-quarter data are overblown, laying the groundwork for a potential vote to lift rates at the central bank's June policy meeting.
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Why OPEC Wants to Extend Oil Cuts: Aramco's Coming IPO
Saudi Arabia is pushing the OPEC oil cartel and other big producers to extend crude production cuts for another nine months to give a boost to the coming IPO of Saudi Arabian Oil Co.
S&P Warns of Possible Brazil Credit Downgrade
S&P Global Ratings delivered more bad news to Brazil, warning that it may cut the country's sovereign debt rating because of its troubled political situation.
Mexico and Canada Want Nafta Talks With U.S. to Be Trilateral
Mexico and Canada officials said negotiations to update Nafta with the U.S. should be trilateral as a matter of common sense, and that replacing it with bilateral pacts would be impractical.
Budget, Staff Cuts Ahead for Financial Regulation and Research Agencies
The Office of Financial Research, an agency created by the 2010 Dodd-Frank law, is implementing a "staffing streamlining effort" according to budget documents released by the U.S. Treasury Department.
Ratings Firms Issue Downgrades for Mall-Backed Debt
Bond rating companies are looking closer at securities tied to shopping mall debt, issuing downgrades for those backed by malls suffering from an anchor store closure and putting on watch malls with large stores such as Macy's, J.C. Penney and Sears, even if the stores remain open.
Market Regulator Requests Modest Budget Increase
The Commodity Futures Trading Commission is requesting a modest increase in funding for the 2018 fiscal year, a departure from Obama administration requests for significant boosts to the market regulator.
Bank of Canada Likely to Maintain Status Quo in Rate Decision
Canada's central bank is expected to leave its main interest rate unchanged Wednesday as soft underlying inflation and trade-policy uncertainty in Washington offset solid economic data.
(END) Dow Jones Newswires
May 24, 2017 01:15 ET (05:15 GMT)