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global debt tops 325 pct of GDP as government debt jumps: IIF - (www.reuters.com) Global debt levels rose to more than 325
percent of the world's gross domestic product last year as government debt rose
sharply, a report from the Institute for International Finance showed on
Wednesday. The IIF's report found that global debt had risen more than $11
trillion in the first nine months of 2016 to more than $217 trillion. The
report also found that general government debt accounted for nearly half of the
total increase. Emerging market debt rose substantially, as government bond and
syndicated loan issuance in 2016 grew to almost three times its 2015 level.
China accounted for the lion's share of the new debt, providing $710 million of
the total $855 billion in new issuance during the year, the IIF reported.
Mall
Companies Fall After Sears Announces Plans to Close Stores - (www.bloomberg.com) Shares of mall companies slumped after Sears
Holdings Corp. announced plans to shutter 150 stores as part of an effort to
turn around the ailing chain. A Bloomberg index of regional-mall landlords fell
as much as 2.8 percent, the largest drop in almost two months. CBL &
Associates Properties Inc. had the biggest decline among companies in the
index, falling as much as 4.1 percent, and Simon Property Group Inc., the
largest U.S. mall owner, dropped as much as 3.2 percent. By comparison, the
broader Bloomberg real estate investment trust index, which also includes
companies that own properties such as office buildings and hotels, was little
changed.
Portugal
10-Year Yield Climbs Above 4% as Selloff Deepens: Chart - (www.bloomberg.com) The yield on Portuguese 10-year bonds rose
above 4 percent for the first time since February amid a wider selloff in
European debt. The region’s securities are declining amid a seasonal pick up in
supply at the start of 2017, with Portugal among nations expected to sell bonds
via banks this month.
Dismal
holiday sales at Macy's, Kohl's spell gloom for sector - (www.bloomberg.com) Disappointing holiday-season sales at Macy's
Inc (M.N) and Kohl's Corp (KSS.N) underscored the uphill task facing
department stores to win back shoppers, who are increasingly turning to online
retailers and spending less on apparel. Macy's shares fell as much as 14
percent on Thursday, their biggest percentage drop in seven months. Kohl's
stock dropped as much as 20.5 percent, its biggest decline in more than 14
years. Both reported lower-than-expected sales for November and December and
cut their full-year profit forecasts on Wednesday. Macy's, known the world over
for its flagship Herald Square store in Manhattan and its annual Thanksgiving
Day parade, is considered a bellwether for department stores.
Lampert’s
Rescue of Sears Puts Him on the Hook for $1.2 Billion - (www.bloomberg.com)
Eddie Lampert is a tough guy,
but he’s got a soft spot for Sears Holdings Corp.
A billion-dollar soft spot. Lampert, the Sears president, chief executive
officer, top shareholder and, through his hedge fund, owner of about $900
million in Sears debt, has almost singlehandedly bought time for his struggling
retailer. Transactions just since Christmas include an additional $500 million loan facility (Jan. 4), two letters of credit worth as much as
another half-billion (Dec. 29), an agreement to sell Craftsman tools for
a total of $900 million (Jan. 5) and the announcement of 150 more store
closings (same day).
Republican
Lawmakers Revive ‘Audit the Fed’ Legislation - (www.wsj.com)
It was another great year for investors who avoid hedge funds - (www.ft.com)
GM December
U.S. sales up 8 percent, sees record for industry in 2017 - (www.reuters.com)It was another great year for investors who avoid hedge funds - (www.ft.com)
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