Halister News

(Bloomberg) -- Nordea recommends staying overweight in equities for 11th month in row amid "exceptionally good" earnings growth and "expansionary phase" in global economy, according to its Global Asset Allocation Strategy for July.

• "Compared to still low bond yields, equities are attractive by a wide margin. Relative valuation between bonds and equities has moved in favor of equities"
• Within equities, Nordea recommends being overweight European and emerging-markets and underweight North America

FIXED INCOME

• Keeps overweight in emerging-market bonds, underweight government and high-yield bonds and neutral on IG
• Expects gradual tightening of central banks to lead to "only slow rise in yields" meaning "low risk bonds remain unattractive and capital continues to be directed into riskier assets"

NOTE: May 31, Nordea Raises European Equities Further in New Asset Strategy To contact the reporter on this story: Anna Molin in Stockholm at amolin3@bloomberg.net To contact the editors responsible for this story: Christopher Kingdon at ckingdon@bloomberg.net Veronica Ek

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

DOWNGRADES

• Joonktollee Tea
  • Long-term bank facilities cut to BB+ from BBB- at Crisil
  • Expects business risk profile to remain constrained over the medium term due to operating losses
• L&T Special Steels
  • LT bank facilities cut to A from A+ at Crisil
  • Cites longer-than-expected delay in proposed equity infusion

UPGRADES

• CIS Bureaus Facility
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites increasing revenue
• Cura Health Care
  • LT bank facilities raised to BBB- from BB+ at Crisil
  • Cites healthy revenue growth
• Global Autotech
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites healthy growth in operating income
• Hotel Hans
  • LT bank facilities raised to BBB- from BB+ at Crisil
  • Cites improvement in the company’s business risk profile due to its deal with a Japanese construction co. for assured sale of rooms during peak and non-peak seasons
• Sportking India
  • LT bank facilities raised to BBB+ from BBB at ICRA
  • Cites steady surplus cash accrual, which has improved liquidity profile
• Vardhman Textiles
  • LT bank facilities raised to AA+ from AA at Crisil
  • Expects group’s operating performance to remain strong due to its market position in textiles sector
• VMT Spinning
  • LT bank facilities raised to AA from AA- at Crisil
  • Cites strong managerial, financial support from parent

Economic Release Details: {CPMINDX Index ECOD}

Economic Release Details: {JNIPMOM Index ECOD} --JAMES MAYGER

Economic Release Details: {JNCPIXFF Index ECOD} --JUNKO HAYASHI

(Bloomberg) -- “We respectfully disagree with the suggestion that Deutsche Bank freely may reveal confidential financial information in response to requests from individual members of Congress,” bank’s law firm Akin Gump Strauss Hauer & Feld says in letter, obtained by Bloomberg, addressed to House Financial Services Cmte Democrats.

• Earlier: Democrats Press Deutsche Bank for Reports on Trump, Russia
• “While we believe the legal requirements for Deutsche Bank to be clear in this matter, we would be happy to further discuss these legal issues with your staff as you have suggested”: letter

To contact the reporters on this story: Jackie Edwards in Sydney at jedwards160@bloomberg.net; Billy House in Washington at bhouse5@bloomberg.net To contact the editors responsible for this story: Derek Wallbank at dwallbank@bloomberg.net Chelsea Mes, Jackie Edwards