Cost of protection for Sears surges following poor earnings
The cost of credit protection for US retailer and financial services group Sears sharply widened 150 basis points to 400/480bp, following a negative earnings statement yesterday. Worsening problems with credit-card debt prompted Sears to report a surprise drop in quarterly profits and warn of a pending fourth-quarter shortfall.
Volatility was also seen in US autos this week as Standard and Poor’s downgraded General
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