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<ul class="summary-list"><li>More than $1 trillion worth of property lies in Hurricane Milton's path, Moody's estimated.</li><li>More than 235,000 commercial properties could be exposed to dangerous winds, per Mood's. </li></ul>Hurricane Milton <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-landfall-florida-housing-market-insurance-fema-2024-10">made landfall</a> in Florida on Wednesday as a Category 3 hurricane, and analysts estimate that $1.1 trillion worth of commercial property is set to be exposed to dangerous hurricane winds.According to an <a target="_blank" class="" href="https://www.moodys.com/web/en/us/about/insights/data-stories/hurricane-milton-tracker.html">estimate by Moody's Analytics</a> on Tuesday, more than 235,000 commercial real estate properties in Florida — worth $1.1 trillion —have a greater than 50% chance of being exposed to wind speeds of at least 50 miles per hour.This is the speed at which some property damage is likely, the Moody's report said.According to the report, the properties include 44,122 industrial spaces, 78,916 retail properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels.According to an analysis note by Jefferies, Milton's estimated financial damage in Florida could reach $175 billion."While too early to make insured loss estimates, a major hurricane impact in one of Florida's most heavily populated regions could result in mid-double-digit billion dollar loss," Jefferies equity analysts said in a note."A 1-in-100 year event is estimated by some to result in $175bn in losses for landfall in the Tampa region, and $70bn in losses in the Ft Myers region," the note added.The monster storm <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-timeline-see-storm-evolution-from-space-satellite-imagery-2024-10">morphed rapidly into a Category 5 hurricane</a> over two days. But it was downgraded to Category 3 when it made landfall in Florida's Sarasota County on Wednesday.The National Hurricane Center has warned that the storm could trigger flooding and storm surges as high as 15 feet along the coast.Milton comes just days after Hurricane Helene ravaged Florida and other southeastern states, leaving more than <a target="_blank" class="" href="https://apnews.com/article/hurricane-helene-death-toll-asheville-north-carolina-34d1226bb31f79dfb2ff6827e40587fc">200 people dead</a>.In a report on September 30, Moody's Analytics projected the damage from Helene to be between <a target="_blank" class="" href="https://www.businessinsider.com/analysts-estimate-up-to-34-billion-damage-from-hurricane-helene-2024-10">$20 billion and $34 billion.</a>

Hurricane Milton is headed right into $1.1 trillion worth of commercial real estate properties: Moody's

<ul class="summary-list"><li>A new report details how Biden had long been in a cocoon before his disastrous debate performance.</li><li>Top aides reportedly have to be careful about what they tell Biden — for fear of setting him off.</li></ul>In the wake of President Joe Biden's <a target="_blank" href="https://www.businessinsider.com/what-happened-biden-trump-debate-takeaways-2024-6">disastrous debate performance</a>, top White House aides are starting to open up — albeit anonymously — about how <a target="_blank" href="https://www.businessinsider.com/joe-biden-drop-out-reasons-for-against-2024-7">things got to this point.</a><a target="_blank" href="https://www.politico.com/news/2024/07/02/biden-campaign-debate-inner-circle-00166160">According to POLITICO</a>, one key explanation is that the president is in a cocoon, surrounded by a tight circle of top aides who keep him isolated in an effort to manage public perceptions of the 81-year-old president.That reportedly includes tightly managing the information that the president receives in his daily briefing in an effort to avoid triggering a negative reaction from him."It's like, 'You can't include that, that will set him off,' or 'Put that in, he likes that,'" a senior administration official told the outlet. "It's a Rorschach test, not a briefing. Because he is not a pleasant person to be around when he's being briefed. It's very difficult, and people are scared shitless of him.""He doesn't take advice from anyone other than those few top aides," the official added. "It becomes a perfect storm because he just gets more and more isolated from their efforts to control it."White House Senior Deputy Press Secretary Andrew Bates denied that information was being curated to avoid upsetting Biden in a statement to POLITICO.But the perception of a relatively restricted White House is apparently shared by other Democratic officials outside the building."I think the Biden team is pretty insular and doesn't really care what anybody says," a senior House Democrat told the outlet.The report went on to detail how Biden's relative insularity developed in part due to the COVID-19 pandemic, which was still raging when the president first took office. At the time, social distancing and relative isolation were simply unavoidable.While many Democrats have been <a target="_blank" href="https://www.businessinsider.com/joe-biden-debate-performance-reaction-democrats-2024-6">thrown into a state of panic</a> in the wake of Biden's debate, the president and his team have largely hunkered down.While there may be significant risks to continuing into the November election with Biden at the top of the ticket, there are also <a target="_blank" href="https://www.businessinsider.com/not-too-late-for-democrats-replace-biden-choose-another-candidate-2024-6">potential risks to replacing him</a>, including the <a target="_blank" href="https://www.businessinsider.com/joe-biden-drop-out-reasons-for-against-2024-7">possibility of chaotic infighting</a> ahead of the Democratic convention.

White House aide dishes on dealing with moody, aging Biden: 'People are scared'

New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 11 (ANI): Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum. India's real GDP growth accelerated to 8.4 per cent year over year in the October-December quarter of 2023, up from upwardly revised prints of 8.1 per cent in July-September and 8.2 per cent in April-June. The global rating agency Moody's attributed India's firm growth primarily to solid capital expenditure, defying private consumption which remained "sluggish" amid still-weak rural demand. On the supply side, an 11.6 per cent surge in manufacturing output and strong service sector activity more than offset a decline in agricultural output in India, it said. Even so, it said high-frequency indicators, including expanding <keyword id="20905252" type="General" weightage="20" keywordseo="purchasing-managers" source="keywords">Purchasing Managers</keyword>' Index (PMI), rising auto sales, consumer optimism and double-digit credit growth, suggest that the economy's strong October-December momentum carried into January-March this year. "Some of the large emerging market (EMs) countries stood out in 2023 for their resilient economies amid high-interest rates, exchange rate volatility, subdued capital flows and muted external demand. This year, we expect growth to slow across several major EMs as the economies transition to a post-pandemic steady growth path," Moody's said in its Macro Monday report, chaptered 'G-20 emerging markets are poised for growth stabilization'. In its recently published <keyword id="20905253" type="General" weightage="20" keywordseo="global-macro-outlook" source="keywords">Global Macro Outlook</keyword>, it forecasted G20 emerging market growth to stabilize around 4.0 per cent in 2024 and 2025, down from 4.7 per cent in 2023 as global monetary policy gradually normalises. On an annual basis, domestic demand was the primary engine of growth in several G20 emerging markets. "We believe growth cycles in India and Indonesia are at their peak, Brazil and Mexico are likely past their peak, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>'s growth has likely troughed. Nevertheless, we expect relatively stable growth at close to potential in 2024 and 2025 for most G-20 EMs." On the policy side, the rating agency expects continuity after the general election in April-May and continued focus on infrastructure development. It forecasts India's real GDP to grow about 6.8 per cent in 2024 and 6.4 per cent in 2025, from 7.7 per cent in 2023. India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy. The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively. In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), India's finance ministry recently asserted. (ANI)

Domestic demand to keep India's growth above other G20 emerging markets: Moody's

The <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>'s decision to tighten norms for unsecured <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> is credit positive because lenders will need to allocate higher capital for such loans, thus improving their loss-absorbing buffers, <keyword id="6462970" type="General" weightage="20" keywordseo="moodys" source="Orion">Moody's</keyword> Investors Service said on Monday. The Reserve Bank last week raised risk weights on unsecured retail loans, credit cards and lending to non-banking finance companies (NBFCs) by 25 percentage points. Moody's said <keyword id="586043" type="General" weightage="20" keywordseo="unsecured-loans" source="Orion">unsecured loans</keyword> have been growing rapidly in the past few years, exposing financial institutions to a potential spike in credit costs in case of sudden economic or interest rate shocks. "The tightening of underwriting norms through higher risk-weighted assets is credit positive because lenders will need to allocate higher capitals for such loans improving their loss-absorbing buffers and may dampen their growth appetite," Moody's said in a statement. It said that over the past few years, India's unsecured lending segment has become very competitive, with banks, NBFCs and financial technology (fintech) companies, including several new entrants, aggressively growing loans in this category. In the past two years, personal loans grew around 24 per cent and credit card loans rose 28 per cent on an average compared with the overall banking sector's credit growth of around 15 per cent, Moody's said. "We expect banks would be able to absorb higher risk weights on their capital because the overall banking sector's exposure to unsecured retail credit is small at around 10 per cent of loans as of September 2023 and the sector's overall capitalization is at historically high levels with a Common Equity Tier 1 ratio of 13.9 per cent as of March 2023," Moody's said. However, the impact of the new underwriting rules could vary among individual lenders depending on their exposure to unsecured loans, it added. Last week, US-based S&amp;P Global Ratings had said that the RBI's decision to tighten norms for unsecured consumer credit is likely to hit banks' capital adequacy by 60 basis points. The move could lead to higher lending rates, lower credit growth and increase the need for capital raising among weak lenders, it added.

Higher risk weight on unsecured bank loans credit positive: Moody's

<ul class="summary-list"><li>The CSI 300 Index hit fresh four-year lows Tuesday, trading at its lowest since February 2019. </li><li>The stock moves followed Moody's downgrade of China's credit outlook.</li></ul>China's benchmark <a href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> stock index tumbled 1.9% to fresh four-year lows Tuesday, hitting its lowest level since February 2019 following Moody's downgrade of the country's credit outlook.The index has lost 12% year-to-date. The <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng China Enterprises Index</a> also declined 1.6% Tuesday to its lowest since November 2022. The MSCI China index fell more than 2% to its lowest since November 2022. The stock sell-off comes as investors fear further weakening of the world's second largest economy after <a href="https://www.businessinsider.com/china-economy-debt-crisis-moodys-bonds-evergrande-stock-market-analysis-2023-12">Moody's lowered its outlook for China's sovereign bond rating</a> from stable to negative, highlighting the <a href="https://www.businessinsider.com/china-economy-deflation-markets-property-real-estate-housing-beijing-2023-8">economic turmoil facing the country.</a>Moody's pointed to Beijing's use of fiscal stimulus to prop up local governments — the country's on track for <a href="https://asia.nikkei.com/Spotlight/Caixin/Five-things-to-know-about-China-s-unusual-sovereign-bond-issue#:~:text=The%20Chinese%20government%20took%20a,a%20record%20high%20of%203.8%25." target="_blank" rel="noopener">record bond issuance in 2023</a> — and a worsening real estate crisis as risks to stability. Chinese officials said they were "disappointed" with the downgrade, and that the country would remain resilient. Since officials lifted China's zero-COVID policies, the country's rebound has been a disappointment. A slate of headwinds have materialized, including declining foreign trade, <a href="https://markets.businessinsider.com/news/bonds/china-economy-country-garden-defaults-property-real-estate-bonds-dollar-2023-10">highly indebted property developers</a>, deflation, demographic challenges, and <a href="https://www.businessinsider.com/china-housing-market-economy-japan-jpmorgan-financial-investors-geopolitics-demographics-2023-8">risks of "Japanification,"</a> as JPMorgan strategists said in a note in August.Data released last week showed China's manufacturing and services activities contracted in November, and the readings reinforced the government's case to prop up the economy with further fiscal stimulus. "The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," the ratings agency said.In August, Chinese officials had <a href="https://www.businessinsider.com/china-economy-recession-inflation-deflation-fdi-growth-beijing-xi-jinping-2023-8" rel="">urged economists not to portray data unfavorably</a>, the Financial Times reported, and to instead "interpret bad news from a positive light."

China stocks tumble as Moody's outlook downgrade deepens investors' economic fears

<ul class="summary-list"><li>Moody's Investors Service slashed its outlook for Chinese government bonds to negative on Tuesday.</li><li>The credit-rating agency cited stagnant growth and the country's ongoing property crisis.</li></ul>Moody's Investors Service slashed its outlook for China's credit rating on Tuesday, dealing a fresh blow to the world's second-largest economy.The credit-rating agency said in a <a href="https://www.moodys.com/research/Moodys-affirms-Chinas-A1-rating-changes-outlook-to-negative-from--PR_481753?cy=can&amp;lang=en" target="_blank" rel="noopener">statement</a> that it would maintain its A1 grade for Chinese government bonds, but cut its outlook from "stable" to "negative."Moody's cited <a href="https://www.businessinsider.com/china-economy-crash-recession-growth-retail-sales-inflation-deflation-covid-2023-7">stagnant growth</a> and a seemingly <a href="https://www.businessinsider.com/country-garden-china-real-estate-problems-explainer-evergrande-2023-8">never-ending property crisis</a> as factors that could hamper Beijing's ability to repay its debts."The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," the ratings agency said.China has struggled to kickstart its economy in 2023 after three years of harsh zero-COVID lockdowns, with growth figures coming in below forecasters' expectations.Moody's said it expects the country's Gross Domestic Product (GDP) to expand just 4% in 2024 and 2025, and then to rise by 3.8% on average the rest of the decade.Policymakers have also <a href="https://www.businessinsider.com/housing-market-house-prices-real-estate-china-economy-world-recession-2023-11">struggled to contain</a> a property crisis that's left two massive real-estate developers – <a href="https://markets.businessinsider.com/news/egrnq">Evergrande</a> and <a href="https://markets.businessinsider.com/news/ctryf-stock">Country Garden</a> – on the brink of collapse after they failed to make bond repayments.Read more: <a href="https://www.businessinsider.com/housing-market-house-prices-real-estate-china-economy-world-recession-2023-11">Real estate made China rich. Now it's looking more like kryptonite.</a>Beijing has responded to those crises by rolling out fiscal-stimulus packages and upping its borrowing, with its budget deficits now at the highest level in more than 30 years, while local governments have also taken on more debt.China's Ministry of Finance hit back at Moody's. It said in a <a href="https://www.mof.gov.cn/zhengwuxinxi/caizhengxinwen/202312/t20231205_3919789.htm" target="_blank" rel="noopener">statement</a> that it was "disappointed" about the grader cutting its outlook, adding that the economy "will be highly resilient and has large potential," per translations from <a href="https://www.bloomberg.com/news/articles/2023-12-05/moody-s-cuts-china-credit-outlook-to-negative-on-rising-debt" target="_blank" rel="noopener">Bloomberg</a>.The <a href="https://markets.businessinsider.com/currencies/usd-cny">Chinese yuan</a> traded flat against the dollar Tuesday. It's fallen by over 3% against the greenback this year.Meanwhile, China's flagship stock-market index, the <a href="https://markets.businessinsider.com/index/csi-300">CSI 300</a>, had dropped just under 2% by the closing bell, extending its total losses for 2023 to over 12%.

China's battered economy suffers another blow as Moody's slashes its credit outlook

<ul class="summary-list"><li>US stocks fell on Monday as traders took in Moody's outlook for the US credit rating.</li><li>The agency downgraded its outlook from "stable" to "negative" as concerns over the US debt build.</li></ul>US stocks fell on Monday as investors took in Moody's US credit rating outlook and looked ahead to fresh inflation data coming out on Tuesday.On Friday, Moody's Investors Service cut its outlook for the US credit rating from "stable" to "negative," signaling that a downgrade to the current AAA rating is possible. "In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues, Moody's expects that the US' fiscal deficits will remain very large, significantly weakening debt affordability," the ratings agency said. "Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability."Investors also have their eye on the upcoming consumer price index for October, which will roll out Tuesday morning. Headline inflation is expected to have slowed to 3.28% year over year, from September's pace of 3.7%.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,403.34, down 0.27%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 34,231.26, down 0.15% (51.84 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,744.07, down 0.39%</li></ul>Here's what else is going on today: <ul><li><a href="https://markets.businessinsider.com/news/stocks/elon-musk-spacex-starlink-half-trillion-dollars-investor-ron-baron-2023-11">Elon Musk's SpaceX will be worth half a trillion dollars by 2030</a>, according to billionaire investor Ron Baron.</li><li><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-elon-musk-warren-buffett-investing-ev-berkshire-valuation-2023-11">Warren Buffett should have invested in Tesla</a> when it was worth just 0.1% as much, Elon Musk said.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil edged higher 0.10% to $77.25 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, ticked up 0.05% to $81.48 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 0.17% to $1,933.83 per ounce. </li><li>The 10-year Treasury yield rose five basis points to 4.678%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 0.76% to $36,869. </li></ul>

US stocks drop as investors assess Moody's outlook and brace for October inflation data

New Delhi, Global rating agency Moody's has raised India's growth forecast to 6.7 per cent from 5.5 per cent for 2023. At the same time though, it has lowered the <keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword> forecast for 2024 from 6.5 per cent to 6.1 per cent. "Since the second quarter out performance creates a high base in 2023, we have lowered our 2024 growth forecast from 6.5 percent to 6.1 per cent. Given the robust underlying economic momentum, we also recognise further upside risk to India's economic growth performance," it said on Friday. Moody's 6.7 per cent growth forecast for 2023 is slightly higher than RBI's projection of 6.5 per cent for 2023-24. India has recorded a growth of 7.8 per cent in the first quarter of the current fiscal, which was lower than RBI's projection of 8 per cent for the April-June period of 2023-24.

Moody's raises India's GDP forecast to 6.7% for 2023

<ul class="summary-list"><li>Moody's told staff in China to WFH before it slashed the country's credit rating. </li><li> Two employees told the FT they believed this was because the company feared retaliation.</li></ul>A US ratings agency reportedly told its employees in China to work from home the week it delivered a damning assessment of the country's economy.Moody's told its China-based staff not to come into the office shortly before it slashed the country's credit rating, per <a target="_blank" href="https://www.ft.com/content/d488bcb8-1ac1-4551-bb8f-49fe6c990ce2">the Financial Times.</a> Two unnamed employees told the FT they believe this is because Moody's was worried it might be questioned by Chinese officials in retaliation.Workers in Beijing and Shanghai were instructed to stay home days before Moody's announced it was <a target="_blank" href="https://www.businessinsider.com/china-economy-debt-crisis-moodys-bonds-evergrande-stock-market-analysis-2023-12">cutting its outlook for the country from "stable" to "negative,"</a> and staff in Hong Kong were reportedly told to avoid traveling to the Chinese mainland."They didn't give us the reason … but everyone knows why," one China-based Moody's employee told the FT. "We are afraid of government inspections.""The Chinese authorities can make trouble for you if they want to," another employee said, who said that Moody's was concerned about what regulators might do following the credit downgrade."Our commitment to maintaining the confidentiality and integrity of the ratings process is paramount and therefore, we cannot comment on internal discussions," a Moody's spokesperson said in a comment to Business Insider. It comes as Western companies operating in the country <a target="_blank" href="https://www.businessinsider.com/china-apple-foxconn-west-business-tax-espionage-2023-10">face increasing pressure</a> amid rising tensions between the US and China, with the US government hitting its geopolitical rival with a series of sanctions in an attempt to cripple China's microchip industry.The offices of US firms Mintz Group, <a target="_blank" href="https://www.cbsnews.com/news/china-raids-arrests-us-business-capvision-bain-mintz-group-security-crackdown/">Bain &amp; Company, and Capvision</a> were all raided earlier this year by Chinese authorities, with some <a target="_blank" href="https://www.bbc.com/news/world-asia-china-65061116">employees being questioned and detained</a>.American companies have also been targeted in other ways, with Chinese regulators effectively scuttling <a target="_blank" href="https://www.nytimes.com/2023/08/16/business/intel-tower-semiconductor-china.html">Intel's $5.4 billion acquisition of Israeli microchip firm Tower Semiconductor</a>, and the Chinese government <a target="_blank" href="https://www.businessinsider.com/china-iphone-ban-office-workers-worry-bosses-apple-huawei-2023-9">banning some officials from using Apple's iPhones</a>.<a target="_blank" href="https://www.businessinsider.com/china-business-risks-sanctions-detentions-us-tensions-espionage-law-2023-5">Updates to its anti-espionage laws, which were passed in April,</a> are also making it tougher for US businesses to operate in China.Despite this, many Western firms seem reluctant to leave unless they have to.<a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-would-cut-ties-with-china-geopolitical-tensions-2023-11">JP Morgan boss Jamie Dimon</a> told the New York Times' Dealbook conference that while the Wall Street bank would pull out of China if the US government ordered it to do so, he didn't think that was likely to happen — unless China invaded Taiwan.The anxiety over operating in China comes as Xi Jinping's regime attempts to kick-start the country's stuttering economy.Moody's warned that China's <a target="_blank" href="https://www.businessinsider.com/china-economy-debt-crisis-moodys-bonds-evergrande-stock-market-analysis-2023-12">stagnant growth and ongoing property crisis</a> could leave it struggling to pay its debts, and said it expected GDP to grow by just 4% in 2024 and 2025.The rating agency's analysis prompted a fierce response, with China's Ministry of Finance <a target="_blank" href="https://www.reuters.com/breakingviews/china-credit-warning-is-well-timed-plea-action-2023-12-06/#:~:text=China%20is%20%E2%80%9Cdisappointed%E2%80%9D%20with%20the%20outlook%20decision%2C%20an%20official,and%20fiscal%20sustainability%20are%20unwarranted.&amp;text=Our%20Standards%3A%20The%20Thomson%20Reuters,are%20those%20of%20the%20author.">saying it was "disappointed</a>" by the decision and the National Development and Reform Commission <a target="_blank" href="https://www.ft.com/content/d488bcb8-1ac1-4551-bb8f-49fe6c990ce2">criticizing the move</a> as driven by "bias and misunderstanding of China's economic outlook".

Moody's told staff to WFH before it slashed China's credit rating as it feared authorities might retaliate: report

<ul class="summary-list"><li>Stocks dropped Tuesday, with the Dow sliding more than 160 points and the Nasdaq shedding more than 120.</li><li>Moody's bank downgrades late Monday added to the uncertain macroeconomic landscape.</li></ul>US stocks declined on Tuesday, with Moody's downgrade of nearly a dozen US lenders pulling bank stocks lower. The ratings giant also put a handful of larger banks on review notice, including US Bancorp, Bank of New York Mellon, and Northern Trust. The smaller lenders that Moody's officially downgraded include Pinnacle Financial, Webster Financial, and M&amp;T Bank. "US banks continue to contend with interest rate and asset-liability management (ALM) risks with implications for liquidity and capital, as the wind-down of unconventional monetary policy drains systemwide deposits and higher interest rates depress the value of fixed-rate assets," Moody's analysts wrote in a Monday note. Meanwhile, corporate earnings continue to surprise to the upside. Already, 89% of S&amp;P 500 companies have reported for the second quarter, and nearly 80% have beaten Wall Street expectations, FactSet data shows.On Thursday, investors will get the Consumer Price Index report for July, which will help inform the Federal Reserve's next policy move. Here's where US indexes stood as the market closed 4:00 p.m. on Tuesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,499.38, 0.42%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 35,314.49, down 0.45% (158.64 point)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,884.32, down 0.79%</li></ul>Here's what else is going on: <ul><li>US companies are barreling toward a <a href="https://markets.businessinsider.com/news/stocks/us-debt-crunch-corporate-defaults-bonds-labor-market-goldman-sachs-2023-8">$1.8 trillion wall of maturing corporate debt</a>.</li><li>Markets are betting on a soft landing, <a href="https://markets.businessinsider.com/news/stocks/markets-recession-outlook-economy-finance-investors-ubs-banks-credit-valuations-2023-8">but the economy still faces three key hurdles</a>.</li><li>A new class of weight loss drugs is powering <a href="https://markets.businessinsider.com/news/stocks/weight-loss-drugs-stock-market-ozempic-mounjaro-novo-nordisk-lly-2023-8">massive stock gains for Novo Nordisk and Eli Lily</a>.</li><li>Bank of America said <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-recession-interest-rates-bonds-bank-of-america-2023-8">rising interest rates</a> could threaten stock gains.</li><li>These four sectors are<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-defensive-sectors-soft-landing-expectations-economy-recession-2023-8">best-positioned for the second half of the year</a>, according to JPMorgan.</li><li>Home prices this summer have hit a <a href="https://markets.businessinsider.com/news/commodities/home-prices-us-housing-market-inventory-shortage-affordability-mortgage-rates-2023-8">new all-time high</a> in most of the US. </li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices climbed, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"> West Texas Intermediate</a> up 107% to $82.82 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, inched higher 0.84% to $86.05 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> edged lower 0.50% to $1,960.20 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets"> 10-year Treasury yield</a> ticked lower by five basis points to 4.018%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> moved higher 2.74% to $29,861.01.</li></ul>

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