{"id":64549,"date":"2026-07-10T05:08:41","date_gmt":"2026-07-10T09:08:41","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bmw-deliveries-slump-4-9-in-q2-fitch-raises-ongc-credit-profile\/64549\/"},"modified":"2026-07-10T05:08:41","modified_gmt":"2026-07-10T09:08:41","slug":"bmw-deliveries-slump-4-9-in-q2-fitch-raises-ongc-credit-profile","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bmw-deliveries-slump-4-9-in-q2-fitch-raises-ongc-credit-profile\/64549\/","title":{"rendered":"BMW Deliveries Slump 4.9% in Q2; Fitch Raises ONGC Credit Profile"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>BMW Group<\/strong> (<a href=\"\/stock\/BMW\">BMW<\/a>) reported a <strong>4.9% decline<\/strong> in global vehicle deliveries for Q2 2026, totaling <strong>590,962 units<\/strong>, primarily due to a <strong>30.2% plunge<\/strong> in the Chinese market.<\/li>\n<li><strong>Fitch Ratings<\/strong> affirmed Oil and Natural Gas Corporation (<a href=\"\/stock\/ONGC\">ONGC<\/a>) at <strong>&#39;BBB-&#39;<\/strong> with a <strong>Stable Outlook<\/strong> while raising its Standalone Credit Profile (SCP) to <strong>&#39;bbb+&#39;<\/strong> on expectations of low leverage.<\/li>\n<li><strong>SoftBank Group<\/strong> (<a href=\"\/stock\/SFTBY\">SFTBY<\/a>) is reportedly exploring a stake purchase in <strong>Seven &amp; i Holdings<\/strong> (<a href=\"\/stock\/SVNDY\">SVNDY<\/a>), as the 7-Eleven owner continues its massive restructuring to fend off takeover interest.<\/li>\n<li><strong>Turkey<\/strong> has officially decided <strong>not to join<\/strong> the Canada-led <strong>Defence, Security and Resilience Bank (DSRB)<\/strong> initiative at this stage, following internal consultations between its defence and finance ministries.<\/li>\n<\/ul>\n<h2>BMW Hit by Sharp Contraction in China<\/h2>\n<p>BMW Group (<a href=\"\/stock\/BMW\">BMW<\/a>) faced significant headwinds in the second quarter of 2026, with global deliveries falling to <strong>590,962 units<\/strong>. The <strong>4.9% year-over-year drop<\/strong> was almost entirely driven by a collapse in demand in <strong>China<\/strong>, where sales plummeted <strong>30.2%<\/strong>.<\/p>\n<p>Despite the struggle in Asia, the German automaker saw resilience in Western markets. Deliveries in the <strong>United States rose 11.9%<\/strong>, while European markets (excluding Germany) saw a <strong>7.6% increase<\/strong>. The company noted that intensifying competition and a shifting regulatory landscape in China continue to weigh on the luxury automotive sector, echoing recent delivery misses from peers like <strong>Mercedes-Benz<\/strong> and <strong>Porsche<\/strong>.<\/p>\n<h2>Fitch Upgrades ONGC Standalone Credit Profile<\/h2>\n<p><strong>Fitch Ratings<\/strong> has affirmed the Long-Term Foreign-Currency Issuer Default Rating of India\u2019s Oil and Natural Gas Corporation (<a href=\"\/stock\/ONGC\">ONGC<\/a>) at <strong>&#39;BBB-&#39;<\/strong> with a <strong>Stable Outlook<\/strong>. Crucially, the agency raised the company&#39;s <strong>Standalone Credit Profile (SCP) to &#39;bbb+&#39;<\/strong> from &#39;bbb&#39;, reflecting a robust financial position.<\/p>\n<p>The upgrade to the SCP is supported by expectations that ONGC&#39;s <strong>EBITDA net leverage<\/strong> will remain well below the <strong>2.0x ceiling<\/strong>. Fitch cited stable EBITDA from vertically integrated operations and high crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> as key factors that will offset the company&#39;s ambitious capital expenditure plans.<\/p>\n<h2>SoftBank Eyes Seven &amp; i Amid Restructuring<\/h2>\n<p>SoftBank Group (<a href=\"\/stock\/SFTBY\">SFTBY<\/a>) is considering an investment in <strong>Seven &amp; i Holdings<\/strong> (<a href=\"\/stock\/SVNDY\">SVNDY<\/a>), the parent company of 7-Eleven. This move comes as Seven &amp; i undergoes a &quot;transformational&quot; restructuring, which includes a planned <strong>IPO of its North American unit<\/strong> by the second half of 2026 and a <strong>$13.2 billion share buyback<\/strong> program.<\/p>\n<p>The retail giant has been under pressure to unlock shareholder value since rebuffing a <strong>$47 billion takeover bid<\/strong> from Canada\u2019s <strong>Alimentation Couche-Tard<\/strong>. A potential stake by SoftBank could provide the Japanese retailer with a powerful domestic ally as it pivots to focus exclusively on its global convenience store operations.<\/p>\n<h2>Turkey Declines Canada-Led Defence Bank<\/h2>\n<p>The <strong>Turkish Defence Ministry<\/strong> announced on Friday that it will not join the <strong>Defence, Security and Resilience Bank (DSRB)<\/strong> at this time. The decision follows a series of consultations between Turkey&#39;s defence industry authority and its foreign and finance ministries.<\/p>\n<p>The DSRB, a multilateral initiative championed by Canadian Prime Minister <strong>Mark Carney<\/strong>, aims to raise up to <strong>$134 billion<\/strong> to finance allied defence production. While nine countries\u2014including <strong>Ukraine, Belgium, and Romania<\/strong>\u2014have pledged support, the absence of major G7 economies and Turkey\u2019s current withdrawal may limit the institution&#39;s initial financial scale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways BMW Group (BMW) reported a 4.9% decline in global vehicle deliveries for Q2 2026, totaling 590,962 units, primarily 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