Brazil: S&P Downgrades Brazil’s Credit Rating To BBB Minus
Reuters reports that on Monday Standard & Poor cut down Brazil’s long-term debt rating to BBB minus, which represents the agency’s lowest rating. This downgrading has been widely expected and S&P stated that is reflects a combination of fiscal slippage and weakend external accounts.
Russia: Putin Threatened With More Sanctions As Russia Out Of G-8
Bloomberg reports that after the asset freezes and visa bans imposed on 31 Russians and Crimeans, the world’s top industrial countries excluded Russia from the G8 unity. Now, the group of seven, thretens Putin with more political and economic sanctions.
Germany: German Confidence Falls For First Time In Five Months
Bloomberg reports that today’s Ifo Business Climate Index fell for the first time in March, following four consecutive months of improvement. The drop in the index reflected a decrease in firms’ business expectations, on concerns of a deceleration in emerging markets –in particular in China– and a possible escalation in the Russia-West conflict
Australia: Australia’s Luck Runs Out As China Slows
According to this article from the FT, slowing growth in China and an overvalued currency are threatening to drag down the Australian economy.