US can lose 2nd AAA rating in a few months

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Source: Marketwatch
© Scanpix/Reuters

Steve Ricchiuto, chief economist at Mizuho Securities claims US credit rating might be downgraded in a few months or even in a few weeks as the supercommittee failed to arrive at consensus on debt-cut plan. Steve Ricchiuto expects S&P, Fitch or Moody's may downgrade US rating before December 23, date when regulation implementing supercommittee's plan should be ratified. In August S&P cut US credit rating from AAA to AA+.

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Wed, 23 Nov 2011 08:30:54 GMT

Fed forces banks to present their capital plans

The Federal Reserve required 31 biggest US banks to assess their trading books and credit portfolios against acute recession and European region market shockwave to make sure they have adequate capital reserves to bear losses. Fed propose 8% drop in GDP, jobless rate at 13% and 21% tumble in home prices as the worst hypothetical scenario banks should be prepared for. 

Wed, 23 Nov 2011 08:28:36 GMT

Hong Kong inflation surges more than predicted

In October consumer prices in Hong Kong rose 5.8% on yearly basis, at the same rate as in previous month. Economists surveyed by Bloomberg made a forecast of 5.7%. The increase in inflation rate is mainly associated with surge in rental costs. John Tsang expects inflation to peak in 4th quarter IMF predicts Hong Kong's inflation to slow down to about 4%-5% in 2012.

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