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The new price control methodology which will apply for water companies in England and Wales from April 2020 is credit-negative for the sector as it will increase both financial and business risks, Fitch Ratings says. The latest AMP proposals include the industry regulator's (Ofwat) early view of the much reduced cost of capital, reflecting the

BMI View: 2018 is expected to be a year of peak growth in the construction sector, and we expect dry ports to emerge as a new growth segment of the infrastructure market. Rising risks will emerge in 2018 that have the potential to slow the market, including widespread political risk and poor project development environments hindering Belt and Road

The world's two largest money market funds have both grown rapidly, but for very different reasons. These funds' profiles illustrate structural risk differences between their respective markets.

China's Yu'E Bao (which translates into "leftover treasure") is the world's largest money market fund (MMF), with CNY1.56 trillion (USD233 billion) in

As improving mineral prices prompt a cautious return to growth strategies for major miners, spending will focus on applying advanced technology to operations and mining minerals in demand from the high-tech sector, such as copper, lithium and cobalt. Nonetheless, regulatory uncertainty, particularly in China, will create risks to this otherwise

In 2018, pharmaceutical companies will continue to face an increasing number of external risks to their operations. In an era of fiscal pressures, governments are seeking to control growth in healthcare spending and will disproportionately target expenditure on medicines with mechanisms such as pharmacoeconomics. Furthermore, the relocation of the

Global political risks will remain at extremely high levels in 2018, owing to the North Korean missile crisis, ongoing uncertainty over Brexit, and the seemingly erratic policy backdrop under the US Trump administration. Other significant risks include forthcoming general elections in Italy, and Latin America, all of which present major

Fitch Ratings' sector outlook for global shipping remains negative as we do not expect a material improvement in market fundamentals in 2018 due to lingering overcapacity.

Both container and bulk show signs of a revival, but the longevity of this trend remains uncertain due to limited adherence to capacity discipline in the sector. Improving

Drugmakers in Central and Eastern Europe will continue to benefit from the region's high pharmaceutical market growth potential although widespread public healthcare funding issues may restrict revenue growth. In 2018, a number of governments will seek to address these issues through the transformation of healthcare systems while pharmaceutical

As the end of 2017 approaches, we have taken the opportunity to lay out what we believe will be the key themes for commodity prices in 2018. Our list is as follows:

• Pause In The Multi-Year Uptrend

• Industrial Commodities To Take A Breather

• Agriculture To Outperform

• China Reforms To Create Volatility

• Grain Price Volatility To

China's housing market is likely to continue to cool in 2018, with sales growth set to slow across most of the country and house prices likely to stay relatively flat, says Fitch Ratings. However, the authorities have considerable policy flexibility to support housing demand, which limits the risk of a market downturn. We therefore maintain a