Europe opens lower to flat as China rating downgraded

Markets in Europe opened flat to lower on Wednesday as investors digest Moody’s Investors Services downgrading of China’s credit rating. Moody’s Investors Service lowered its rate on China from Aa3 to A1, citing expectations the country’s economy would erode somewhat in the coming years. Meanwhile, in the United States, President Donald Trump’s budget proposal for the fiscal 2018 was unveiled, including $3.6 billion cuts in spending, an increase in spending on national and border security and a plan for achieving 3% sustained growth. The European Central Bank’s Financial Stability Review report is due to be released later in the day.

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