Fitch maintained its A+ long-term foreign-currency issuer default rating on Saudi Arabia with a stable outlook, according to a July 10 note.
The affirmation is based on the country's strong and healthy external balance sheet, its resilient economy and sound banking industry amid geopolitical risks from the US-Iran conflict.
Fitch additionally took note of the kingdom's rising government debt and the expected but temporary narrowing of its fiscal deficit in 2026 due to higher oil revenue.
The US is demanding that Iran publicly declare all channels of the Strait of Hormuz open to shipping and pledge not to attack civilian vessels transiting the waterway, Bloomberg reported Friday, citing senior administration officials.The officials said Washington expects talks with Tehran to continue despite renewed tensions, but warned there would be consequences if Iran fails to provide the public assurance. They also said any final agreement would require Iran to turn over its enriched uranium.The developments come after several days of US airstrikes and Iranian retaliation, with the US blaming Iran for attacks on commercial shipping and imposing additional sanctions on Tehran.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
The Standard & Poor's 500 index rose 1.2% this week, lifted by a fresh burst of AI enthusiasm amid geopolitical jitters as Washington and Tehran resumed high-stakes negotiations.The S&P 500 ended Friday's session at 7,575.39, securing a second straight weekly advance. The gauge has gained 1% in July and is up 11% this year.AI sentiment got a boost Friday from the strong Nasdaq debut of SK Hynix (SKHYV). The South Korean chipmaker's American depositary shares jumped 13% to $168.40 after the offering of 177.9 million ADSs priced at $149 apiece.Investors were also watching developments in US-Iran diplomacy. President Donald Trump said the US will continue negotiations with Iran, while reiterating that their ceasefire is over.Technology led sector gains for the week, rising 3.4%, followed by a 3.2% advance in energy and a 2.3% increase in communication services. Consumer discretionary and financials edged higher.Hewlett Packard Enterprise (HPE) jumped 18% this week, and Arista Networks (ANET) advanced 17%, the biggest gains in tech.Baker Hughes (BKR) recorded the largest gain in the energy sector, climbing 9.1%, as the company received conditional approval from the European Commission to acquire Chart Industries (GTLS).Meta Platforms (META) shares rose 15%, leading communication services. CEO Mark Zuckerberg said the company is considering renting out some of its AI computing capacity, Bloomberg reported.Materials fell 2.2%, followed by a 1.9% loss in healthcare. Consumer staples dropped 1.3%, and industrials shed 1.1%, while utilities and real estate edged lower.International Flavors & Fragrances (IFF) shares fell 7.5%, and Albemarle (ALB) dropped 7%, the steepest weekly losses in materials.The quarterly earnings season is set to move into full swing next week. Reports are expected from JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs Group (GS), Wells Fargo (WFC), Citigroup (C) and Morgan Stanley (MS). Other large companies expected to report include Johnson & Johnson (JNJ), UnitedHealth Group (UNH), GE Aerospace (GE), Netflix (NFLX) and Abbott Laboratories (ABT).Economic data will include June retail sales, the June consumer price index, and the June producer price index.
Harbour Energy (HBR.L) said Friday it completed its $163 million acquisition of substantially all the subsidiaries of Waldorf Energy Partners and Waldorf Production, both currently in administration.The completion follows the oil and gas company's receipt of all regulatory approvals and the full and final settlement of all creditors' claims against the acquired Waldorf entities.