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Moody's Lowers Ratings For US Banks, China Exports Decrease

EMERGING MARKETS
  • EUROZONE: Inflation expectations for consumers across the eurozone decreased in June both for the next 12 months and for three years ahead, the European Central Bank's latest survey showed. The median rate of expected inflation over the next 12 months fell to 3.4%, from 3.9% in May, and three-year expectations eased to 2.3% from 2.5%.
  • US: Moody’s Investors Service lowered credit ratings for 10 small and midsize US banks and said it may downgrade major lenders including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp. as part of a sweeping look at mounting pressures on the industry.
  • CHINA: MNI (Beijing) - China's exports decreased by 14.5% y/y in July, dipping further from June's 12.4% y/y drop, and weaker than the consensus of 12.9% y/y fall, led by shrinking external demand together with the high base effect, data from the Customs on Tuesday showed.
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