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That deterioration, as well as increased polarization in the country’s political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade. "You have the debt ceiling, you have Jan. 6. Higher interest rates are also likely to make the country's debt burden heavier to sustain, he added. The latest debt ceiling suspension, agreed in June, will last until early 2025, when another political debate around the borrowing limit is likely, he added. "That would just highlight the real political polarization and the kind of deterioration in governance that we've already noted ... to have a two-notch downgrade would be pretty harsh."
Persons: Donald Trump, Leah Millis, Fitch, Richard Francis, Francis, Janet Yellen, we've, Davide Barbuscia, Megan Davies, Ira Iosebashvili, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Fitch, Reuters, AAA, Republicans, Hearst, Standard, Treasury, Thomson Locations: Washington , U.S, States, United States
Fitch downgraded US debt from AAA to AA+ on Tuesday, but Goldman Sachs isn't concerned. The ratings agency downgraded the US's long-term debt from AAA to AA+, pointing to this summer's last-minute debt deal, rising government debt, and suspect long-term management. Here's how Goldman Sachs responded:"Bottom line: the downgrade mainly reflects governance and medium-term fiscal challenges, but does not reflect new fiscal information. Big holders of US Treasury securities aren't going to rush to shed their holdings just because of the downgrade, Goldman maintained. Finally, Fitch did not adjust its "country ceiling" to reflect the downgrade, and that currently still sits a AAA level, according to Goldman.
Persons: Fitch, Goldman Sachs isn't, Goldman Sachs, Jan Hatzius, Goldman Organizations: AAA, Service, AA, Treasury Locations: Wall, Silicon
Fitch downgrades U.S. long-term rating to AA+ from AAA
  + stars: | 2023-08-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +2 min
Fitch Ratings downgraded the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to "expected fiscal deterioration over the next three years," an erosion of governance and a growing general debt burden. U.S. stock futures opened lower after the rating agency issued its downgrade, with Dow futures sliding about 100 points. In May, the agency placed the nation's AAA rating on negative watch, blaming the debt ceiling fight. President Joe Biden signed the debt ceiling bill on June 2, just days away from the "X-date" on June 5. This isn't the first time a rating agency has downgraded the U.S. Standard & Poor's cut the nation's credit rating to AA+ from AAA in 2011 after Washington managed to avoid a default.
Persons: Biden, Fitch, Washington butted, Joe Biden, Karine Jean, Pierre said, CNBC's Christina Wilkie Organizations: Service Police, Lafayette, Fitch, United, AAA, Dow, U.S . Standard, Washington Locations: Washington , DC, United States, Washington, States
Fitch downgraded the US's credit rating on Tuesday, citing "steady deterioration in standards of governance." The downgrade comes two months after the latest debt ceiling battle and brinkmanship. Fitch's move echoes what S&P did in 2011 when that major rating agency downgraded US credit in the wake of a different debt ceiling fight. However, Fitch's assessment comes after the lastest deal — which guarantees some debt ceiling relief through the next presidential election — was brokered. "They've repeatedly put the full faith and credit of our nation on the line, and now, they are responsible for the second downgrade in our credit rating," they wrote.
Persons: Fitch, Joe, Janet Yellen, acquiescing, Biden, , They've Organizations: Democrats, Service, Tuesday, White, Social Security, AAA, Fitch, Republicans, GOP, Lawmakers Locations: Wall, Silicon
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTreasury Secretary Janet Yellen responds to Fitch's decision to downgrade U.S. to AA+The 'Fast Money' traders talk the latest on Secretary Yellen's response to Fitch Rating's downgrade of U.S. credit rating.
Persons: Janet Yellen, Fitch
U.S. Capitol police stand outside the Capitol building as the Senate votes on debt ceiling legislation to avoid a historic default at the U.S. Capitol in Washington, U.S., June 1, 2023. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills. With the downgrade it becomes the second major rating agency after Standard & Poor’s to strip the United States of its triple-A rating. Investors use credit ratings to assess the risk profile of companies and governments when they raise financing in the debt capital markets. Other analysts had pointed to the risk that another downgrade by a major rating agency could affect investment portfolios that hold top-rated securities.
Persons: Evelyn Hockstein, Fitch, Joe Biden, Janet Yellen, Biden, Karine Jean, Pierre, Keith Lerner, Raymond James, Ed Mills, Mohamed El, Davide Barbuscia, Jyoti Narayan, Lewis Krauskopf, Saeed Azhar, Megan Davies, Arun Koyyur, David Gregoiro, Gerry Doyle Organizations: Capitol, U.S, REUTERS, White, AAA, Standard, Democratic, Republican, Treasury, Advisory Services, ” Treasury, Fitch, AA, Queens ' College, Thomson Locations: Washington , U.S, States, United States, Atlanta, New York, Bengaluru
“I strongly disagree with Fitch Ratings’ decision,” said Treasury Secretary Janet Yellen in a statement on Tuesday. The last time the US debt was downgraded by another major credit rating agency, S&P, came in 2011. Until 2011, US debt had carried a perfect credit rating since Moody’s Investors Service first assigned the United States a AAA rating in 1917. The country’s new Fitch rating puts it on par with Austria and Finland but below Switzerland and Germany. S&P has maintained its AA+ rating on the US after the 2011 downgrade while Moody’s has kept its AAA rating.
Persons: CNN — Fitch, , Fitch, ” Fitch, Biden, , Janet Yellen, Karine Jean, Pierre, , Chuck Schumer, Spokespeople, Kevin McCarthy, Moody’s, Larry Summers Organizations: CNN, AAA, Biden, Fitch, AA, Republican, Republicans, Moody’s Investors Service, Dow Jones, Nasdaq, Twitter Locations: United States, Austria, Finland, Switzerland, Germany
Dow Jones Industrial Average futures slid by 75 points, or 0.2%. S&P 500 and Nasdaq-100 futures dipped 0.3% and 0.4%, respectively. Of the S&P 500 companies that have reported, about 82% have posted positive surprises, according to FactSet data. Brands and Humana are set to report earnings before the open Wednesday. Economists polled by Dow Jones expect a 175,000 increase, which would be lower than the 497,000 rise in the prior month.
Persons: Fitch, Adam Parker, CNBC's, Parker, Dow Jones, , Darla Mercado Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Fitch, AAA, SolarEdge Technologies, Dow Jones, Dow, CVS, Brands, Humana, Traders Locations: New York City . U.S
The downgrade follows a debt ceiling agreement in June that came after months of political brinkmanship and ultimately lifted the government's $31.4 trillion debt ceiling. Unless they think that fiscal trajectory suggests risk of a default, which I don't think they say, I don't understand the reason for this." “So I don't think the reaction, it should surprise anyone in the markets because we've been through this before. JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS IN PALM BEACH, FLORIDA"I'm surprised, but I'm not surprised." "It's really the just the troubled negotiations that take place every time we have a debt ceiling or budget negotiation.
Persons: Thomas White, Fitch, STEVEN RICCHIUTO, ” WENDY EDELBERG, I'm, JASON WARE, Fiitch, MICHAEL O’ROURKE, , ” BERNARD BAUMOHL, Poor’s, ” MICHAEL SCHULMAN, ANGELO KOURKAFAS, EDWARD JONES, , MICHAEL K, FARR, That’s, ” KEITH LERNER, ” “ It’s, ERIC WINOGRAD, ALLIANCEBERNSTEIN, QUINCY KROSBY, doesn't, JACK ABLIN, it's Organizations: REUTERS, United, AAA, USA, ., OF, HAMILTON PROJECT, BROOKINGS, WASHINGTON D.C, ALBION, Fitch, AA, PRINCETON, NEW, ST LOUIS, MILLER & WASHINGTON LLC, ADVISORY, Global Finance, Markets, Thomson Locations: United States, U.S, MIZUHO, WASHINGTON, CITY , UTAH, STAMFORD , CONNECTICUT, NEW JERSEY, ATLANTA, CHARLOTTE, NORTH CAROLINA, BEACH , FLORIDA
The long-term credit rating of the United States was downgraded on Tuesday by the Fitch Ratings agency, which said that the nation’s high and growing debt burden and penchant for brinkmanship over the debt limit had eroded confidence in its fiscal management. Fitch lowered the U.S. long-term rating to AA+ from its top mark of AAA. The downgrade came two months after the United States narrowly avoided the first debt default in its history. Lawmakers spent weeks negotiating over whether the United States should be allowed to keep borrowing money to pay its bills, a standoff that threatened to tip the United States into default. “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said in a statement.
Persons: Fitch, ” Fitch Organizations: Fitch, U.S, AAA Locations: United States
REUTERS/Nir Elias/Illustration//File PhotoLONDON, July 30 (Reuters) - Israel's economy may face ratings downgrades, falling foreign investment and a weaker tech sector if turmoil arising from the government's contentious judicial reforms continues, investors and analysts warn. Reuters GraphicsMaplecroft's Kinnear said comparatively low inflation versus similar countries had buoyed investment, but more civil unrest could derail incoming cash. The reform backlash "threatens to push the economy onto a permanently lower growth path," Nicholas Farr, emerging Europe economist with Capital Economics wrote in a note. Moody's cut Israel's sovereign credit to a "dislike" stance, while S&P said on Thursday the unprecedented protests would lower economic growth this year. S&P warned in May that it could lower its AA- Israel rating "if regional or domestic political risks escalated sharply, depressing Israel's economic, fiscal, and balance-of-payments metrics."
Persons: Nir Elias, Benjamin, Hamish Kinnear, Reuters Graphics Maplecroft's Kinnear, Morgan Stanley, Roger Mark, Mark, Kinnear, Nicholas Farr, Moody's, Fitch, Natalia Gurushina, VanEck, Libby George, Marc Jones, Sharon Singleton Organizations: REUTERS, Reuters, Middle East, Reuters Graphics Reuters, Copley Fund Research, Reuters Graphics, Gross, TECH, Israeli Innovation Authority, Capital Economics, P, Fitch, AA, Thomson Locations: Israel, North Africa, Europe
“I keep doing these epic bike trips [abroad] and with each one I think it’s probably the last I’m going to do. Inside he put an AirTag – Apple’s luggage tracker – which he’d bought a year earlier, after hearing other cyclists rave about them. Each day, he updated his location on the British Airways website, and each day, his bike failed to arrive – or move from Heathrow, according to the AirTag. The Twitter campaignSherry repeatedly tweeted a photo of his bike and its location to the airline. “And I had no problems with luggage.”So what was the key to reuniting Sherry with his bike?
Persons: Barry Sherry, Sherry, , I’m, , it’s, he’d, He’d, , wasn’t, “ I’ve, didn’t, Sherry wasn’t, Paul Ellis, “ I’d, Ben, “ didn’t, who’d, couriered, Fränk, Andy Schleck, who’ve, I’d Organizations: CNN, de France, American Airlines –, British Airways, Washington DC, Heathrow, Getty Images British Airways, American Airlines, Heathrow Airport, “ AA, Tour de France, Dulles, Virgin, Heathrow Twitter Locations: Virginia, Europe, Swiss, Luxembourg, Finland, Switzerland, Washington, London, Zurich, AFP, Heathrow, Lake Lucerne, Helsinki, Copenhagen, Finnair
Ukraine has repeatedly asked Western countries to give it F-16 fighter jets to take on Russia. To better fight the air war and support its ground forces, Ukraine has repeatedly asked Western countries for F-16 fighter jets, and those countries are moving toward supplying them. Matthew Horwood/Getty ImagesThe Gripen is well regarded by experts and may be uniquely suited for the war in Ukraine. That'll be great for future marketing of your aircraft,'" Alperovitch added. Of the six countries that fly the jet, only Sweden and the Czech Republic have backed Ukraine in the war.
Persons: Sweden's JAS, Dmitri Alperovitch, Alperovitch, Griffin, JAS, Matthew Horwood, Petr Josek PJ, That'll, Czech JAS, Mindy Bloem, John Kirby, Constantine Atlamazoglou Organizations: Gripen, Service, Royal Military Air, Getty, IRIS, Ukraine's Air Force, Strategic Services, Saab, REUTERS, AA, Russian Air Force, Kyiv, US Air National Guard / Tech, Gripen Es, Swedish Air Force, White House National Security Council, Fletcher School of Law, LinkedIn, Twitter Locations: Ukraine, Russia, Swedish, Wall, Silicon, Western, Kyiv, Prague, Sweden, Stockholm, Czech Republic, Brazil, South Africa, Thailand, Hungary, Czech, Poland, Slovakia
Austin police ruled an AA worker was killed in April by accident, per the Austin American-Statesman. The tug that killed Michal Ingraham was in an incident 10 days before his death, per the report. An AA investigator had argued that Ingraham's death was a suicide, according to the newspaper. An American Airlines employee who died in April when he was involved in a crash on the airport tarmac was found to have been killed by accident, after a corporate investigator for the airline suggested it may have been a suicide, a report says. Both the Travis County medical examiner and police concluded that the worker had been killed by accident, per the report.
Persons: Austin, Michal Ingraham, Lynn, Ingraham's, Menzies, Menzies didn't Organizations: Austin American, Statesman, AA, Morning, American Airlines, Austin, Bergstrom International Airport, Police, Occupational Safety, Health Administration, OSHA, Austin Police Department Locations: Travis
CHICAGO, July 18 (Reuters) - American Airlines' (AAL.O) pilot union has warned that the ratification of the company's new contract deal is in "jeopardy" as United Airlines (UAL.O) has raised the benchmark with its own deal, according to a union memo seen by Reuters. A spokesperson for American Airlines said the company will work with the union to make sure its pilots are taken care of. United's four-year pilot deal offers cumulative pay raises of 34.5% to about 40%. Dennis Tajer, a spokesman for American's pilots union, said United's contract will lead to at least a 2% pay gap between United and American pilots. United's back pay provisions are also better than what American has provided in its pilot deal, he said.
Persons: Dennis Tajer, United's, Tajer, Rajesh Kumar Singh, Sonali Paul, Matthew Lewis Organizations: American Airlines, United Airlines, Reuters, American, Allied Pilots Association, Management, TA, Thomson Locations: Chicago
PARIS, July 17 (Reuters) - The French government expects to spend 4.2 billion euros ($4.71 billion) less in 2024 as it scales back massive consumer subsidies on fuel and electricity, according to first budget estimates sent to parliamentarians. "For the first time in almost a decade, spending will decrease when compared to the previous year: 4.2 billion euros down", Budget Minister Gabriel Attal told paper Les Echos on Sunday. "We are ending the exceptional crisis spending and are making savings, to finance the green transition," Attal said. Finance Minister Bruno Le Maire has asked each ministry to identify cutbacks worth 5% of their budget. A finance ministry source said on Sunday that France's debt reduction would be achieved through various means, including savings in employment and housing policies.
Persons: Gabriel Attal, Emmanuel Macron's, Attal, Fitch, Bruno Le Maire, Tassilo Hummel, Bertrand Boucey, Angus MacSwan Organizations: Finance, Thomson Locations: France
A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois
JPMorgan downgrades AT & T to neutral from overweight JPMorgan downgraded the telecommunications due to "slowing growth drivers." Wells Fargo downgrades Progressive to equal weight from overweight Wells said it has concerns about the insurance company gaining share. UBS upgrades Microsoft to buy from neutral UBS said in its upgrade of the stock that shares are too attractive to ignore. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating after the company's Prime Day. JPMorgan reiterates Apple as overweight JPMorgan said recent checks show that Apple has "strong market share" in a variety of markets.
Persons: LOE, Wells, it's, Tesla, Morgan Stanley, Goldman Sachs, Goldman, Raymond James, Robert Iger, Mills, Argus Organizations: HSBC, Pfizer, ADC, JPMorgan downgrades, Verizon, Mobile, Consumer, JPMorgan, Alcoa, UBS, Microsoft, Citi, Applied Materials Citi, Bank of America, Texas Roadhouse Citi, Texas, Barclays, Apple, Sands, Macau, Northland, Nvidia, Pulte, KB, Disney, CNBC, DIS, Argus, TNT, Tidewater Locations: Wells Fargo, China, Northland
JPMorgan downgrades this aluminum stock ahead of earnings
  + stars: | 2023-07-14 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Analyst Bill Peterson downgraded the stock to neutral from overweight and slashed his price target to $36 from $54 in the runup to its earnings report next week. Despite an approximately 90% correlation between Alcoa shares and aluminum prices over the past decade, Alcoa has underperformed the metal by 7% since April. Aluminum prices as a whole should also be cheaper than previously forecasted in both the fourth quarter and 2024, but may find support in the second half of next year as inventories thin out. Cost pressure could also remain into 2024 given the lower bauxite grade feed for refineries. As a group, Peterson said he remained constructive on aluminum stocks in the long term.
Persons: Bill Peterson, Peterson, Kaiser, Constellium, — CNBC's Michael Bloom Organizations: JPMorgan, Alcoa, AA, Midwest Locations: Alcoa, China, U.S, Western Australia
Released in 2019, the Xbox Elite Series 2 is a premium gamepad built for hardcore gamers. I've spent weeks with the Xbox Elite Wireless Controller Series 2, and it's a definite improvement over the classic Xbox gamepad. Xbox Elite Series 2 Controller This high-end Xbox and PC controller has a rechargeable battery, four extra paddle buttons, and extra tools to customize its buttons. Deal Xbox Elite Series 2 Core Controller (White) The Xbox Elite Series 2 is a fantastic high-end controller with rubber grips and adjustable triggers. Xbox Elite Series 2 vs. Elite Series 2 Core: What's the difference?
Persons: , It's, I've, William Antonelli, you've, it's, aren't Organizations: Elite, Xbox Elite, Microsoft
Top 3 UnderBest Prime Day deals under $25Deal icon An icon in the shape of a lightning bolt. $14.99 from Amazon Originally $29.99 Save 50%Deal icon An icon in the shape of a lightning bolt. $15.19 from Amazon Originally $18.99 Save 20%Deal icon An icon in the shape of a lightning bolt. $12.63 from Amazon Originally $18.00 Save 30%Deal icon An icon in the shape of a lightning bolt. $23.05 from Amazon Originally $33.08 Save 30%Deal icon An icon in the shape of a lightning bolt.
Persons: it's, Kit Burt's, Kit, Price, Melissa, Doug Organizations: Amazon, Prime
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Persons: We're, we've, Amazon’s, eero, AirPods, Price, it's, Price Roku, Dolby, you've, Max, Price Casper, Casper, It's, Coop, Rich, wicks, Price Bowflex, Garmin Venu, Venu, you’ve, Riley C.E.O, Sunday Riley, It’s, it’s, Murad Retinol, Kit Burt's, Kit, you'll, LaCroix, seltzer, Foodi, Fryer, fryer, they're, Price Arlo, Dyson, Collar, You'll, Gray Organizations: Amazon, Alexa, Amazon's, Echo Studio, Music, Prime, Price Apple, Samsung, Apple, LG, Amazon Prime, Walmart, Casper, Health, Fitness, Price Garmin, Garmin, Optimum, Theragun's, Sunbeam, Sunday, Panasonic, Amazon Deal, Energy, AA, Black, Steam, Quart, Deal LG, Fire, Price LG, PlayStation, Google, MacBook Air, Asus, Mobile, Lenovo, ASUS, Monitor, Seagate, Deal Samsung Galaxy, Galaxy, Fujifilm, TSA Locations: Siena, Birch, Sol, it's, sharpener
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Persons: Read, We're, it's, That's, cardmembers, cardholders, Citi's, What's, you'll Organizations: Citi AAdvantage, Admirals Club, American Airlines, Citi, Mastercard, Service, American, Chase, Chevron, Target, Walmart, Capital, Airlines, AA, Business, Admirals Clubs, American Express, Avis Locations: Wall, Silicon, Miami, Washington ,
Are you looking for the best Amazon Prime Day deals? Some of these deals are open to everyone, but once Prime Day properly lands, you must be a Prime member to enjoy these exclusive discounts. If you want to browse the entire selection yourself, then you can see the Prime Day landing page over at Amazon. Prime Day deals: AudioDeal icon An icon in the shape of a lightning bolt. Prime Day deals: ComputingLenovo IdeaPad Flex 5i Chromebook This convertible 2-in-1 Lenovo Chromebook offers considerable value for the specs.
Persons: Apple AirPods, Price, it's, iRobot, It's, Bissell, Fryer, fryer, they're Organizations: Amazon, Prime, Alexa, Amazon's, Echo Studio, Music, Apple, Price Apple, Steam, AA, Black, LG, Fire, Lenovo, ASUS
LONDON, July 6 (Reuters) - European Union (EU) countries have added aluminium to the list of minerals and metals covered by the Critical Raw Materials Act (CRMA). Western European primary aluminium production is the lowest this centuryFALLING OUTPUTAs things stand, Europe is going to struggle to lift primary production at all over that time-frame. European aluminium imports by countryIMPORT DEPENDENCYEuropean aluminium consumption averaged just over 5.0 million metric tons per year over the 2016-2020 period, according to the EU. However, the key difference is where Europe sources its bauxite and primary aluminium. POWER PROBLEMSGetting aluminium onto Europe's critical raw materials list is an important win for the region's aluminium sector.
Persons: didn't, it's, David Evans Organizations: Union, Federation of Aluminium Consumers, International Aluminium Institute, IAI, EU, Rusal, Thomson, Reuters Locations: United States, China, Europe, EU, Ukraine, Guinea, Brazil, Sierra Leone, Mozambique, Iceland, Britain, Russia
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