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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

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

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

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

The global gold mining industry will experience steady production growth, supported by rising prices and improving operational costs over the coming years.

Global gold mine output growth will pick up over the coming quarters, supported by higher gold prices and solid project pipelines in key countries. We forecast global gold production to

SSE and innogy's plan to exit UK retail electricity and gas supply by combining their retail operations into a new separate business suggests that political and regulatory uncertainty, and growing competition have made the market less attractive for existing operators, Fitch Ratings says. The transaction, which does not have an immediate ratings

Following Catalonia's unilateral declaration of independence on October 27, Madrid will act to limit the region's autonomy. While Madrid has tentatively scheduled regional elections for December 21, attempts to prevent independence will heighten the risk of social unrest and civil disobedience. Ultimately, we continue to see secession as an

BMI View: Turkey's relations with Qatar will continue to deepen over the years ahead, as the two countries are drawn closer together by aligning foreign and security policies, and opportunities for trade and investment. The Erdogan administration will look to maintain cordial ties with other GCC authorities in order to facilitate exports to the