A worsening debt outlook and shaky economy were cited by Fitch as it reduced France's credit rating from AAA to AA-plus. France had already lost its AAA ratings as measured by Standard & Poor's and Moody's.
Woori Finance Holdings' two regional banks will go up for sale this week as the first part of the government's plan to sell Woori in pieces, industry sources said. They said an official announcement on the sale of Kyongnam Bank and Kwangju Bank will be made today.
A growth rate for China as low as 6.5% is within the government's target range, Finance Minister Lou Jiwei said Friday in an interview. "We don't think 6.5% or 7% will be a big problem. Our expected GDP growth rate this year is 7%," Lou said. Meanwhile, economists suspect second-quarter growth fell to 7.5% from 7.7% in the first quarter.
Singapore's gross domestic product in the second quarter was up 3.7% from a year before, topping forecasts. Economists, however, expect growth rates to ease because of continued slowing in China and weak demand in Europe.
Fitch lowered the U.K.'s credit rating from AAA to AA-plus but raised the outlook to stable. Fitch, citing poorer prospects on both the fiscal and economic fronts, followed a similar move by Moody's, and Standard & Poor's has indicated there's a 1-in-3 chance it will follow suit.