JP Morgan Chase woes prompt limited spread contagion
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New York traders said this morning that credit protection costs for brokers Lehman and Goldman Sachs were unchanged, with Bank of America’s spreads only 1-2bp wider at 40/47bp.But the bank’s profit warning, along with a profit warning from Oracle, and the Federal Reserve reporting that the output of US factories, mines and utilities fell 0.3% in August – the first decline since December – dragged down US equity markets on Tuesday. Continued equity market fears caused credit derivatives sprea
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