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S&P downgrades China credit outlook to negative from stable

Standard & Poor’s Ratings Services on Thursday cut its outlook on China to negative from stable, saying the country’s “economic rebalancing” is likely to progress more slowly than expected. “We revised the outlook to reflect our expectation that the economic and financial risks to the Chinese government’s creditworthiness are gradually increasing,” the credit agency said. “This follows from our belief that, over the next five years, China will show modest progress in economic rebalancing and credit growth deceleration,” it added. S&P kept its AA- rating on China, arguing the country’s government is taking steps to bolster its economy. “Most importantly, we view the government’s anti-corruption campaign as a significant move to improve governance at state agencies and state-owned enterprises,” it said. The S&P report came out after Chinese markets closed on Thursday. The Shanghai Composite Index ended the day up 0.1% at 3,003.92.

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European stocks drive lower, heading for bigger quarterly loss

European stocks dropped Thursday, with all sectors pulling back as investors wrap up the month and the first quarter. The Stoxx Europe 600 fell 0.9% to 337.94, led by oil and gas and financials shares. Equities are struggling “despite a Fed Yellen-sponsored rally mid-week,” analysts at Accendo Markets wrote. This rally and the “U.S. dollar finding support at mid-month lows … hinder commodity gains and temper risk appetite.” The Stoxx 600 was looking at a 1.2% rise for March, but was on track for a 7.7% slide for the quarter. In Thursday’s trade, shares of Bouygues SA fell 3.9% as the French telecommunications company and rival Orange SA extended a deadline to complete merger talks..

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U.S. stock futures slip ahead of jobless claims

U.S. stock futures inched lower on Thursday, with investors staying on the sidelines after firm gains earlier in the week and ahead of jobless claims ahead of the open. Futures for the Dow Jones Industrial Average lost 44 points, or 0.3%, to 17,578, while those for the S&P 500 index dropped 5.20 points, or 0.3%, to 2,050. Futures for the Nasdaq 100 index fell 14.25 points, or 0.4%, to 4,467.75. The losses follow Wednesday’s positive close for U.S. equities as markets continued to benefit from dovish comments by Federal Reserve Chairwoman Janet Yellen. Overall, expectations that the Fed is on the cusp of raising interest rates again have fallen over the past month, helping boost U.S. stock markets. The Dow average is on track for a 7.3% monthly gain, which would be the best since October. The S&P 500 and Nasdaq Composite were also on track for their best monthly performances since October.

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U.K.’s FTSE 100 pushes lower, paring monthly gain

U.K. stocks opened lower Thursday, setting the market’s blue-chip benchmark to trim its monthly gain. The U.K.’s FTSE 100 fell 0.5% to 6,174.86, with all sectors moving lower, led by oil and mining shares. But among advancers, TUI AG shares rose 3% following a financial update from the travel-services provider. . For the month, the FTSE 100 was on track to rise 1.3%. But it was facing a first-quarter loss of 1.1%.

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