Fitch turns bearish on global sovereigns — and the Middle East is taking the hardest hit

Fitch turns bearish:

Ratings watch for most in the region, including Qatar and Ras Al Khaimah, has turned negative

The agency’s base case

This is despite GCC ratings remaining resilient so far through the war.

The outlook is still pretty bleak for the region: lasting adverse impact on the security and business environment

Interest rates (CBE)

S&P Egypt Sovereign Bond Index

S&P MENA Bond & Sukuk

VIX (Volatility Index)

+11.8% (YTD: +48.6%)

The EGX30 fell 2.1% at yesterday’s close