Fitch cuts Italy's gov't debt grade, auto plants reopening

3 months 1 week 5 days ago Wednesday, April 29 2020 Apr 29, 2020 April 29, 2020 1:59 PM April 29, 2020 in News - AP Texas Headlines

Ratings agency Fitch cut Italy’s government debt grade, the first downgrade to a major economy to reflect the surge in public debt that is expected to hit countries dealing with the vast costs of the coronavirus lockdown. French auto workers are returning to factory floors at Toyota and Renault. But Boeing announced it will cut 10% of its work force. Overall the U.S. economy shrank at an annual rate of 4.8% during the first quarter, and it's forecast to plunge this quarter at a 40% annual rate.

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