EM CEEMEA CREDIT: ROMANI: Fiscal policy key driver for credit
May-07 06:49
Republic of Romania (ROMANI; Baa3neg/BBB-neg/BBB-neg)
“*ROMANIA HAD RECORD BUDGET REVENUE IN APRIL, FINMIN SAYS
*ROMANIAN CENTRAL BANK CAN HANDLE FX PRESSURES, FINMIN SAYS
*ROMANIAN FISCAL SITUATION IS DIFFICULT BUT MANAGEBLE: FINMIN” - BBG
- Fiscal policy is the key driver for credit ratings and spreads, see our note from yesterday: https://mni.marketnews.com/4iVdwk2
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CHINA STOCKS: Off Lows On Talk Of Sovereign Fund Purchases, Move Limited
Apr-07 06:49
MNI (London) - Onshore reports point to the state-owned Chinese sovereign wealth fund, China Central Huijin, "working to stabilise the market", citing anonymous sources.
- ETF volume ha spiked, with BBG noting that volumes equal those seen during the worst day of the early '24 equity sell off.
- ETFs are a preferred vehicle for state intervention.
- The Hang Seng & Hang Seng China Enterprises indices are off lows, but still 12% lower on the day.
EQUITIES: European Equities are plummeting in early trade
Apr-07 06:35
- Estoxx futures (VGM5) has fully cleard the 4600.00, and is now close to test the next immediate support at 4542.27 3.000 proj of the Mar 3 - 11 - 19 price swing.
- At current levels, the Cash (SX5E) is set to open down 4.5% at 08.00BST.
RATINGS: Affirmations On Friday
Apr-07 06:34
Sovereign rating reviews of note from after hours on Friday include:
- Fitch affirmed Italy at BBB; Outlook Positive
- Fitch affirmed Slovenia at A; Outlook changed to Positive
- Morningstar DBRS confirmed the United States of America at AAA, Stable Trend
