• Moves to downgrade China's credit rating do not indicate imminent trouble for the world's second-largest economy but instead point to the country's "worrisome" long-term direction of travel, global economic analysts have said.
Markets saw an initial sell-off in early Asian trading Wednesday after Moody's Investor Services downgraded China's credit rating one notch to Afrom Aa, though losses were largely recovered by the close.1 3
• All eyes are on the Organization of the Petroleum Exporting Countries ahead of a highly-anticipated meeting later Thursday when the oil group looks set to extend their crude production cuts, but the big downside risk comes from China, analysts said.
• Philippines President Rodrigo Duterte said his martial law declaration for the country's restive south could be expanded "throughout the country" in order to combat the rise of ISIS.
The current martial law order -- which covers both the city of Marawi and the wider island of Mindanao, of which Marawi is a part -- came after deadly clashes broke out between Filipino government troops and Islamist militants Tuesday.
• Bank of Japan board member Makoto Sakurai ruled out the chance of an imminent hike in the central bank's bond yield target, stressing the need to maintain its massive stimulus programme to prop up inflation and fend off overseas economic risks.
• U.S. President Donald Trump told his Philippine counterpart that Washington has sent two nuclear submarines to waters off the Korean peninsula, the New York Times said, comments likely to raise questions about his handling of sensitive information.
• Oil prices rose on Thursday ahead of an OPEC meeting expected to extend production cuts into 2018 in an attempt to drain a global glut that has depressed markets for almost three years.
Brent crude oil was up 40 cents at $54.36 a barrel by 0730 GMT. U.S. light crude was 40 cents higher at $51.76. Both benchmarks have climbed more than 15 percent from May lows on expectations of an extension.
Reference: Reuters
Thai
Eng