Last time this happened the credit downgrade triggered a stock selloff around the world. Find out more
Here’s what analysts and strategists had to say:“One can have the feeling that the market is looking for excuses to take some profits. But rather than the Fitch downgrade, I suspect that what’s currently being priced is the growing risk of an economic slowdown. The downward trend started to emerge yesterday on the back of disappointing Chinese and U.S. data, which suggests it’s not really about the rating downgrade but rather the risk of a slowdown.
“I suspect the market will be in two minds about it – at face value, it’s a black mark against the U.S.’s reputation and standing, but equally, if it fuels market nervousness and a risk-off move, it could easily see safe haven buying of U.S. Treasuries and the USD. It’s finely balanced.”“USD could underperform some of the majors, like EUR and JPY. Higher-beta currencies across Asia should fare less well of course if this news leads to some broad risk-off price action.
With assistance from Lisa Pham, Michael G. Wilson, Chester Yung, Wenjin Lv, Iris Ouyang, Matthew Burgess, Ruth Carson and Farah Elbahrawy.
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