North American airlines are facing a period of softer demand concentrated in U.S. domestic leisure travel as consumers pull back on discretionary spending, with Fitch now expecting revenue passenger miles to be flat to modestly down in 2025.

Harry Hu, Senior Director at Fitch Ratings, discusses China's recent efforts to manage LGFV risks, including LGFV reclassification and debt substitution plans, along with local government debt trends.

惠誉评级认为，尽管全国新建商品住宅市场于近期有所回暖，但该市场或面临人口结构变化、未售库存高企和购房者住房支付能力较低等结构性痼疾所带来的持续性挑战。一线城市住宅销售复苏初现，但可持续性仍有待观察。此外，惠誉预期首批专项债资金可能主要用于从城投及国有地产企业回购土地，短期内对民营房企资产负债表的潜在正面影响可能有限。

Retaliation by trade partners remains a risk for U.S. corporate sectors despite some near-term reprieve from the 90-day pause on reciprocal tariffs, as trade tensions with China remain high, even after the temporary exemptions on some electronics.

Explore the impact of US tariffs on European sovereigns with Jan Friederich, Head of EMEA Sovereigns, and Federico Barriga Salazar, Head of Western European Sovereigns, as they discuss strategic responses and fiscal implications for Europe.

Rapid growth in the Uzbek insurance sector is being driven by business lines with significant underwriting risk, which could lead to volatility in insurers’ financial performance.

Global insurers face rising regulatory costs linked to structural shifts in the life sector, and to climate change and artificial intelligence (AI) as industry supervisors intensify their response to mounting risks.

The Indonesian banking sector’s recent deposit liquidity tightness is transient, reflecting the normalisation of monetary operations rather than a sign of structural liquidity shortage or distress.

In response to the severe escalation in the global trade war, Fitch has sharply lowered its 2025 forecasts by 0.4pp for world growth and by 0.5pp for China and US growth from the March edition of its Global Economic Outlook (GEO).

Thomas Rookmaaker, Head of APAC Sovereign Ratings, and Jeremy Zook, lead analyst for China, discuss China’s recent downgrade, covering key drivers including the sovereign's weakening public finances and rapidly rising public debt ratios.