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Saudi Arabia's ambitious Vision 2030 projects, including the $1.5 trillion NEOM initiative, face scrutiny as the kingdom shifts focus to domestic investments amid rising deficits and lower oil revenues. Despite a projected budget deficit of $21.1 billion for 2024, officials assert that non-oil revenues now cover 37% of expenditures, indicating a commitment to fiscal discipline and economic diversification. However, skepticism remains regarding the feasibility of mega-projects, with some analysts predicting potential cutbacks to ensure sustainability.
Bitcoin has reached a new record close to $95,000 as investors keep a close watch on the transition of power under Trump. In today's CNBC Crypto World, Andrew O’Neill from S&P Global Ratings discusses the potential impact of upcoming crypto policy changes on market prices.
S&P Global Ratings has placed Chicago"s BBB+ credit rating on negative watch, indicating a potential downgrade within three months. This decision is linked to the city"s consideration of one-time budget-balancing measures to address a significant shortfall, rather than implementing structural changes.
S&P Global Ratings has identified potential signs of a credit bubble in the US, as tight spreads may be masking high borrowing costs and strained debt sustainability for corporations. As of Friday, investment-grade spreads were at 78 basis points, the lowest since 1998, while high-yield spreads rose to 266 basis points after nearing 2007 levels.
S&P Global Ratings has upgraded South Africa's credit rating outlook from stable to positive, citing improved political stability following the May general elections. This change suggests that reforms could enhance private investment and stimulate GDP growth.
Mozambique is facing heightened risks of debt default following deadly protests triggered by disputed elections last month. S&P Global Ratings downgraded the country's local currency debt assessment to CCC on October 18, citing the unrest's impact on the government's already strained finances.
Fitch has reaffirmed Peru's investment-grade rating at BBB, alleviating fears of a downgrade to junk status. The outlook has been upgraded to stable from negative, while S&P Global Ratings currently holds Peru at the lowest investment grade following an April downgrade.
Turkey's credit rating has been upgraded by S&P Global Ratings for the second time this year, moving to BB- with a stable outlook, driven by reserve accumulation and disinflation. Despite the upgrade, the rating remains three levels below investment grade.
China's real estate market continues to struggle, with sales down 36.6% in the first nine months of the year and new construction projects plummeting by 42% since 2019. Analysts predict stabilization by late 2025, but caution that significant government support is needed to address liquidity issues and unsold inventories, or the downturn could extend for another three years. Despite recent measures, property sales are expected to remain subdued, with projections indicating a drop to around 8 trillion yuan by 2025, less than half of 2021's levels.
Bank of England Deputy Governor Sarah Breeden emphasized the need to eliminate the stigma surrounding central bank liquidity facilities. Speaking in Washington, she warned that viewing these tools solely as crisis management could hinder their effectiveness, a sentiment echoed by S&P Global Ratings.
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audi arabia navigates mega project spending amid economic challenges and reforms
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