Spore market: may open with a slight positive bias, after the govt announced better than expected 3Q GDP numbers, with Spore avoiding a technical recession this time.
Considering the slew of negative news, the 0.3% dip in US market may be considered mild.
Fitch cut the long term issuer default grades of UBS, Lloyds Banking and RBS, and put more than a dozen other lenders on negative watch as part of a global review. Fitch also highlighted that Goldman Sachs, Morgan Stanley and Credit Suisse could also see their ratings cut.
The S&P cut Spain’s credit rating by one more level from AA to AA-. This is the third downgrade since 2009 from AAA then.
JPM reported core net profit that fell 25% yoy, missing analyst’s estimates.
In regional markets, Nikkei -0.6% and KOSPI -0.9% at 8.24 am.
Expect volatility to persist. Eyes will likely be on China CPI and PPI data coming out at 10am this morning.
Corporate news flow is thin.
Armstrong and Innovalues are the latest companies to report being affected by the Thai floods.
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