Here’s what you need to know about the markets before you start your business day.
The credit ratings agency lowered China’s debt by one notch to A1, its fifth-highest rating. It was the first such downgrade since 1989.
China’s financial health will “erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows, ” Moody’s said in a statement.
2. U. K. terror threat: Britain has raised its threat level to “critical” following a deadly terror attack at an Ariana Grande concert in Manchester. Prime Minister Theresa May warned that another attack “may be imminent.”
It’s the first time in a decade the U. K. has moved to its highest alert level. Armed members of the military have been deployed around London, a major destination for tourists.
Travel and tourism stocks were mixed despite the change in threat level.
3. Global market overview: U. S. stock futures were higher Wednesday, setting the stage for a fifth consecutive day of gains. A strong performance by the Dow over the past week has nearly erased its 373 point loss from May 17.
The Dow and S&P 500 gained 0.2% on Tuesday, while the Nasdaq added 0.1%.
European markets were mostly lower on Wednesday. Asian markets ended the session higher.
U. S. crude futures were trading 0.3% higher. OPEC will meet Thursday to discuss the extension of production cuts that have helped stabilize prices.
