News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

Asian Markets Shrug Off China Rating Downgrade

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Chinese stocks pared early losses as initial concerns wore off from Moody's Investors Service's decision to lower the country's credit rating for the first time since 1989.

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.

China's Downgrade: It's Not Just About the Government

Moody's decision to cut China's credit rating could make it more costly for Chinese companies and banks to issue bonds.

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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.

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.

(END) Dow Jones Newswires

May 24, 2017 03:15 ET (07:15 GMT)