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The high-yield market has a lot of people worried.
There is a “genuine risk” that the sell-off could kickstart a recession, according to Deutsche Bank, which said that there is a chance that “an old fashioned credit crunch” could spread to the highest quality borrowers.
UBS said in a note that investor redemptions could now become self-fulfilling. The high-yield market is experiencing “death by a thousand paper cuts“, according to the head of high-yield and leveraged-loan strategy at Bank of America Merrill Lynch. The sell-off could also hit bank trading desks, making for a difficult fourth quarter.
In other news, the Argentina versus American hedge funds drama could be set to start up again in full force, Whitney Tilson has covered his Lumber Liquidators short, and Goldman Sachs has made a round of promotions in its record-breaking M&A business.
Here are the top Wall Street headlines at midday –
Valeant just picked up a key new partner and the stock is going off like a rocket – Valeant is finally getting some good news to close out the year. The specialty pharmaceutical and device company has struck a deal with Walgreens that will extend Valeant’s distribution reach into the retailer’s 8,000-plus stores.
This epic slideshow tells you everything you need to know about bitcoin and blockchain right now – Magister Advisors has produced arguably the most comprehensive report to date on what is happening in the world of bitcoin and blockchain startups.
Deutsche Bank is trying to fix its technology problem with a new hire – Deutsche Bank is creating a new top management post to oversee the bank’s technology, as part of new CEO John Cryan’s battle to bring the struggling bank under control.
Merriam-Webster’s word of the year is ism — and finance nerds know this is more than just some suffix – The letters ism also recall one of the year’s most controversial and closely-followed economic data releases: the Institute for Supply Management’s Purchasing Managers Index, more commonly know as ISM manufacturing.
A ‘sleepless elite’ needs just 4 hours of sleep a night, and power players from Jim Cramer to Marissa Mayer might qualify – Jim Cramer, host of CNBC’s Mad Money and co-founder ofTheStreet.com, told Business Insider that he only needs four hours of sleep each night to feel well-rested and alert.
Elsewhere on the web –