Italy’s population will decline further in the next two decades, stretching central and regional government finances. Regions in the south will be hit harder than those in the north as existing disparities persist. However, the impact on the financial sector, securitizations, the housing market and on companies will be mixed.

California courts’ application of inverse condemnation is unusual and heightens wildfire risk for investor-owned utilities. The constitutionality of reforming the inverse condemnation law through legislative means is controversial, but the hurdle is lower than for a constitutional amendment.

In a comparison of 17 of the largest companies on key credit attributes, including the quality of their drug pipelines, potential revenue growth and patent expiration exposure, pipeline quality remains good overall, while patent exposures have slightly eased since last year’s report.