Foreign direct investment (FDI) into China shrank by 27.9% year-on-year to CNY 749.7 billion in the first eleven months of 2024, compared with a 29.8% plunge in the previous period, according to data from the Ministry of Commerce. About 11.0% of the total, or CNY 82.53 billion, went into high-tech manufacturing industries. Despite the persistent weakness in overseas investment, it increased for medical equipment and instrument manufacturing (53.4%), computer and office equipment (39.1%), and professional technical services (19%). The primary sources of FDI were Germany (10.9%), Singapore (4.8%), and Switzerland (4.0%). In recent years, Beijing has tightened regulations across various industries to enforce government policies, which has discouraged foreign investment. For November alone, CNY 56.49 billion flowed into the country, up from CNY 52.61 billion in October.

China FDI Contracts 27.9% YoY in Jan-Nov

Moody's Ratings downgraded France's rating to "Aa3" from "Aa2", citing concerns that the country's public finances will be significantly weakened by political fragmentation which will limit the scope and magnitude of measures to reduce large deficits in the foreseeable future. "There is now very low probability that the next government will sustainably reduce the size of fiscal deficits beyond next year," Moody's said in a statement. "As a result, we forecast that France's public finances will be materially weaker over the next three years compared to our October 2024 baseline scenario. Additionally, France's sovereign outlook has been changed to stable from negative. Standard & Poor's credit rating for France stands at AA- with stable outlook. DBRS' credit rating for France was last reported at AA (high) with stable outlook.

Moody's Cuts France Credit Rating to Negative

The Ibovespa fell 1.1% to close at 124,612 on Friday, extending the sharp downturn from the previous session as investors adjusted positions to a higher interest rate outlook following the latest Copom decision. Despite stronger-than-expected economic activity at the start of Q4, evidenced by the 0.1% growth in the IBC-Br index for October, concerns persist over Brazil's fiscal outlook and the potential impact of restrictive monetary policy. While economic indicators such as retail and service sectr performance signal resilience, expectations for 2025 point to a slowdown amid tighter monetary and fiscal conditions and a labor market with limited room for further gains. Mega-cap miner Vale shed 1.7%, while big banks Banco Santander, Banco do Brasil, Itaúsa, and Bradesco posted losses ranging from 0.4% to 1.3%. Meanwhile, healthcare leaders Rede D'Or and Raia Drogasil led the decline with sharp losses of 2.9% and 4.1%, respectively. The Ibovespa posted a weekly loss of 1.1%.

Ibovespa Extends Losses as Rate Outlook Weighs on Sentiment

The S&P/TSX Composite Index fell 0.5% to close at 25,274 on Friday, dragging the Toronto exchange to a weekly loss of 1.6% as the resource-heavy index was pressured by commodity producers. Bullion-linked heavyweights Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada led declines, with losses ranging from 1.3% to 2.2%, tracking lower gold prices. Oil-linked heavyweights Suncor, Imperial Oil, and Canadian Natural also underperformed, shedding between 0.5% and 1.1%, despite higher oil prices. Earlier in the week, the TSX was weighed down by BoC Governor Tiff Macklem's hawkish remarks, signaling that future rate cuts would be more gradual following the recent 50 bps reduction.

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China FDI Contracts 27.9% YoY in Jan-Nov

Moody's Cuts France Credit Rating to Negative

Ibovespa Extends Losses as Rate Outlook Weighs on Sentiment

TSX Falls as Commodities Weigh, Posts Weekly Losses