dy’s downgraded the credit ratings of several midsize and small US lenders and issued a warning about possible cuts to the ratings of larger institutions.
In China, the latest data on Wednesday showed that the Chinese Consumer Price Index YoY fell 0.3% in July from 0% prior, and the market consensus anticipated a -0.4% decline. Meanwhile, the declined 4.4% YoY, compared to the 4.1% decrease YoY expected and a 5.4% drop prior. That said, the government will implement additional measures to boost consumer expenditure and enhance local liquidity. However, officials once again provided no significant details on the planned stimulus. The government's lack of specific plans has dampened investor expectations.
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Stock market news today: Dow drops as Moody's downgrades 10 banksUS stocks opened lower on Tuesday, with the Dow shedding almost 300 points as investors assess Moody's downgrade of 10 small and mid-sized US banks. Moody's slashed the credit ratings on the banks on Monday, while also placing several other larger firms under review including Bank of New York Mellon, US Bankcorp, Northern Trust, and State Street.
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