Past Issues Calendar
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Thursday July 28, 2011
Past Issues Calendar
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  • Heading for 'Haircut' in Repo MarketC1

    The debt stalemate in Washington is creating stress in a little-known but vital corner of the bond market, increasing the risk that banks, hedge funds and other investors will have to pay billions of dollars in additional costs if the U.S. defaults or is downgraded.

GLOBAL FINANCE

STOCKS & CURRENCIES

CREDIT MARKETS

COMMODITIES

PERSONAL FINANCE

HEARD ON THE STREET

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    Heard on the Street
    [C1.SKYBOX2]

    Not All Chinese ADRs Created Equal

    Recent accounting blowups have forced investors to rethink Chinese stocks. But there is another risk hiding in plain sight: poor disclosure.

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    Heard on the Street

    Protect and DefendC12

    Markets still seem to be treating the debt-ceiling stalemate as something of a phantom menace. Ten-year Treasury yields remain below 3%. The dollar is down only slightly over a month, against ugly sister the euro at least. Even U.S. stocks, despite Wednesday's selloff, are less than 5% off the recent peak.

    But investors are starting to protect themselves. Gold, up 8% in a month, is an obvious example. And the credit-default-swap market shows the cost of insuring U.S. debt for one year has leapt to €77,000 ($111,735), from €37,000 a month ago. That is now more than the €59,000 a year that five-year insurance costs. While these still are low in absolute terms, such an inversion is a classic sign of credit stress. Meanwhile, CME Group has raised the haircut charged on U.S. government bonds pledged as collateral for trading. Perhaps markets will try to force politicians' hands after all.

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    Heard on the Street

    Doughnut IPO a Slam-Dunk

    Doughnut purveyor Dunkin' Brands Group pulled off an IPO debut reminiscent of a tech firm like LinkedIn.

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    Heard on the Street

    Europe Needs to Show Quicker ReflexesC12

    Europe's governments need to fast-track their contagion-fighting measures if they are to be of any help.

FOOTNOTES

This index is compiled from the late edition of The Wall Street Journal distributed to East Coast readers. Images of section fronts are available after 5 a.m. ET on the day of publication.

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