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Key View: Questions are being asked as to the extent to which Saudi Arabia will increase its production, to offset shortfalls elsewhere in the market. We believe that while a large volume of barrels will be returned over the coming months - likely upwards of 1mn b/d - the kingdom will be reluctant to exhaust its substantial spare capacity.

• The

Key View:

• Opportunities for patented drugmakers will be limited by healthcare funding issues.
• Most major multinational drugmakers are present in the market but activity is limited to clinical trials and marketing.
• Investment by innovative pharmaceutical firms will remain concentrated in Western Europe.

Forecasts:

We forecast patented

We expect low volatility net asset value (LVNAV) funds to be the largest European money fund segment once European money fund reforms are fully effective. Irrespective of the outcome of the recent regulatory discussion on LVNAVs denominated in euros, volumes in sterling and US dollar transitioning to this fund type will still make it the largest

China's latest tightening of regulations on money market funds (MMF) is unlikely to slow sector growth significantly, but should lower liquidity risks marginally, says Fitch Ratings. One effect of the changes will be to discourage retail clients from viewing and using their MMF investments like bank deposits, but there will be only a limited impact

Key View: Proposals to reduce the high pharmaceutical trade imbalance between India and China by boosting Indian drugmaker investment in the country will bode well for the long-term business prospects of Indian drugmakers and multinational drugmakers invested in India. Moreover, recent changes to Chinese regulations allowing quicker product

Fitch Ratings maintains a stable rating outlook for the UK credit card sector, based on the buffer between UK trusts' current performance and the agency's through the cycle steady-state assumptions.

Our latest UK Credit Card Index shows that the performance of Fitch-rated credit card trusts is largely unchanged from the previous quarter. The three

Following the issuance of a new directive by the Chinese authorities aiming at tightening the access of LGFVs/SOEs (collectively, government related entities - GREs) to offshore bond markets, Fitch Ratings is reviewing the directive for evidence of any change in practical support as measured by our criteria. The directive may potentially limit or

The uptick in EMEA CMBS issuance in recent months has seen heavier use of pro-rata principal allocation, which creates risks that can be disguised by prudent senior note-to-value ratios. Consequently, and as CMBS expands to include more operating assets, it becomes more important to look through headline leverage into the details of individual

Increased trade tensions have raised the risk that new measures may be taken that would have a much greater impact on global economic growth than those enacted so far.

The US investigation into auto tariffs, possible additional US tariffs on Chinese imports, and the likely reactions of other countries and blocs, point to a potential serious

Weakening capitalisation and profitability in recent years have started to challenge supranational institutions' credit profiles. We expect credit metrics to stabilise, but this will partly depend on shareholders' willingness to provide additional capital. 

The equity/total assets ratio of a sample of the major multilateral development banks (MDBs