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French departments' budgetary performance improved in 2017, despite additional cuts in state transfers. This was due in particular to growth in property transfer duties and a near-stabilisation in social benefits spending.

The improvement shows the departments' dependence on external factors, particularly the real estate and employment markets

BMI View: We have revised our coffee forecasts lower on improved global production prospects. Following a period of weakness leading into H118, prices will rise out to 2019 as the market tightens slightly, before averaging lower starting in 2020 as the market records surpluses.

Short-Term Outlook (three-to-six months)

Arabica prices will trade

The recent upgrade of Spain's Short-Term Foreign- and Local-Currency Issuer Default Ratings to 'F1' from 'F2' is particularly significant to short-term investors as it means Spanish government bonds can potentially re-enter the eligible investible universe for money market funds (MMFs) rated 'AAAmmf'. Should bank upgrades follow, then Spain may

Early warning signs of declining hotel performance have emerged. Fitch has seen an increase in the volume of hotel loans transferring to special servicing and performance metrics in seven of the top US metropolitan markets are under pressure by oversupply. However, we expect revenues across the broader US market to grow through the end of 2018

Over the past few quarters, we have seen reform momentum across several emerging markets accelerate, and we believe that continued efforts on this front will support economic growth over the short-and-medium term, as business-friendly policies and liberalisation unlock productivity and efficiency gains.

Regular readers will know that the most

Operational stresses in the general acute health care sector are beginning to seep into some performance metrics for U.S. not-for-profit children's hospitals.

Fitch's 'AA-' median rating for stand-alone children's hospitals is secure thanks to their robust liquidity, strong philanthropic support, solid operating margins and specialized clinical

The growth in popularity of eSports will benefit some sectors at the expense of others, according to Fitch Ratings. Video game companies are best positioned to benefit from increased franchise popularity and growth and a favorable shift to less volatile advertising and sponsorship revenues. 

The major video game publishers are dedicating resources

We are seeing growing momentum for sugar taxes in the Americas, with a number of countries considering following Mexico's lead which introduced a tax on sugary drinks in 2014. We profile the impact of Mexico's sugar tax in the years since, and assess the latest policy developments and overall likelihood of a sugar tax in other major markets in the

2018 will be a comeback year for the Hong Kong IPO arena, which will see the exchange broaden its issuer base and diversity in the capital market. After a disaster year for the local Hong Kong Stock Exchange (HKEx) in 2017 (which saw the bourse lose its crown and slip to as low as third in the global IPO destination rankings), the exchange has

Recent admissions of data falsification by some Chinese local and regional governments (LRGs) highlight governance weaknesses within the sector and add to uncertainty over reported fiscal data. We will continue to monitor developments and take rating action, as appropriate, if further examples come to light. That said, the central authorities'