Weekly Global Financial News (May 19-May 25)

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Exclusive: Western banks may steer clear of Russian loans for a year, By Reuters, Published: May 19
http://reut.rs/1ghYJj1
Despite the potential loss of more than $45 billion in business, most western banks are shunning Russia’s syndicated loan market as fears over the current and future sanction grows.

Exclusive: After rupee crisis, India central bank shores up currency’s defenses, By Reuters, Published: May 20
http://reut.rs/1jRvp3N
As investor’s money floods into India, its central bank is preparing for stepping into the market to smooth volatility and protect the rupee.

China lets local governments sell bonds for the first time, By Reuters, Published: May 21
http://reut.rs/1k6bqbE
China will allow 10 local governments to sell municipal bonds as part of budget reform plans to solve the country’s $3 trillion public debt problem. This is a watershed move as current budget law has prohibited local governments from borrowing from any parties.

Spain With Greece Win Higher Debt Ratings on Growth Outlook, By Bloomberg, Published: May 25
http://bloom.bg/1tANNzw
Economic outlooks improve for Spain and Greece as credit rating agency has lifted the rank for the first time since Europe debt crisis. Though there are still some risks to consider, general opinion is that the solidarity of the euro zone has improved.

China to reform cross-border forex management as exports remain weak, By Reuters, Published: May 25
http://reut.rs/1jLAAAU
China will reform the management of cross-border foreign exchange guarantees to support trade as China’s exports continue to weaken. The measure will include more tax breaks, credit insurance and currency hedging options for exporters.

What to Expect From Ukraine Vote: The Bull and Bear Cases, By Bloomberg, Published: May 25
http://bloom.bg/S6asG9
The outcome of Ukraine election would be a major indicator for investors to predict market condition.

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