Protectionism has negative implications for output, employment and inflation
Sovereign ratings drive bulk of positive rating action
A rebound in investment banking represents a ray of hope for sector
Short-term strength overshadowed by rising rate uncertainty
Downgrades outnumber upgrades, led by weakness in corporate junk
Robust investment banking revenues to drive improved earnings
Consolidation on hold as valuations sag, regulatory oversight intensifies
U.S. bank failures possible, particularly for smaller banks with higher exposures
Continuing property market challenges to weigh on GDP growth
High rates and U.S. banking turmoil drove flight to money market funds