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Asian stocks firm, take Fitch's China downgrade in their stride

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Asian stocks firm, take Fitch's China downgrade in their stride

SYDNEY -Asian stocks traded higher on Wednesday, unfazed by a rating downgrade to China by Fitch which triggered a mild domestic sell-off as the world's second-biggest economy struggles to mount a solid post-COVID recovery.

"These downgrades reflect mostly the current cyclical situation in China, they are not forward looking. This means that as and when China's economy improves, they will change their rating outlook to positive," said Chi Lo, BNP Paribas (OTC:stock index was down 0.55%. The Nikkei is looking to test 40,000 points again, with the yen's slide seen helping fuel that push.

"The Bank of Japan will be taking very small steps at a time when a lot of global central banks are contemplating cutting rates means any yen moves higher will be limited."

 

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