Moody’s outlook cut complicates Beijing’s ‘war’ against market bears

News Snapshot:

SHANGHAI/HONG KONG (Reuters) — Moody's negative outlook on China has intensified Beijing's battle with market bears, raising pressure on the government for more forceful measures to prop up sinking stocks and stabilise the yuan as investor confidence deteriorates. In its Tuesday announcement, the ratings agency flagged weakening growth prospects, adding to mounting global concerns that China's economic miracle is over, potentially leaving the world's second-largest economy stuck in a middle-income trap. While keeping China's sovereign rating at A1, Moody's cut its outlook to negative from stable, citing surging municipal debt and property market woes. Such concerns have prompted other institutions...