Banking stocks under pressure as weak rupee fade rate cut hopes

NEW DELHI: Banking stocks including Axis Bank, ICICI BankBSE -1.86 %, State Bank of India, HDFC BankBSE -2.54 % and most of the PSU banks slipped over 1 per cent weighed down by a weak rupee which further bleaks the outlook on rate cut hopes by the RBI.

Egypt says stability key to fixing economy: PM

CAIRO (Reuters) - Egyptian Prime Minister Hisham Kandil said on Tuesday that political stability was crucial to luring back foreign investors and tourists to help plug a yawning budget deficit and heal the country's ailing economy.

Moody’s junks Hungary

Hungary has joined Portugal in the credit junkyard after Moody’s downgraded its foreign and local currency bonds to Ba1 from Baa3, ending 15 years of investment status.