Markets largely unfazed by ratings agency Fitch downgrading its China outlook
World stocks traded higher and bonds and currencies steadied on Wednesday, largely unfazed by ratings agency Fitch downgrading its China outlook, while traders awaited crucial U.S. inflation data due later in the day.
Wednesday’s U.S. consumer price index data for March, due at 8:30 a.m. EDT, will therefore be crucial. Market pricing now reflects roughly a 50-per-cent chance the first Fed rate cut will come in June, lower than a few weeks ago. Euro zone bonds were also steady, ahead of Thursday’s European Central Bank meeting, with Germany’s 10 year Bund yield around one basis point lower on the day at 2.35 per cent.
Also drawing attention on Wednesday was Fitch affirming China’s sovereign rating at ‘A+’ though the outlook was downgraded to negative and it forecast economic growth this year would slow.
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