The fading notion that the largest U.S. finance companies are too big to fail led Moody’s Investors Service to cut ratings on $5.5 billion of bank-backed debt used to buy natural gas. Investors see the bonds as too cheap to pass up.
Jefferson County, which filed the biggest U.S. municipal bankruptcy until Detroit, is selling $1.8 billion of sewer debt to help exit court protection. Standard & Poor’s rates the bonds above junk. Investors disagree.
Wal-Mart Stores Inc., the world’s largest retailer, cut its annual profit forecast for the second time since August as the discount chain struggles to prevent economically challenged customers from taking their business to dollar stores and other rivals.
Emerging-market stocks dropped to a one-month low, led by Turkish equities, on concern that a slower expansion in the euro area will crimp global growth. Brazil’s real fell the most among the world’s major currencies.
Emerging-market stocks retreated, capping the biggest weekly slide in four months, as growing speculation the Federal Reserve will curtail economic stimulus drove a rally in the U.S. dollar and sank gold producers.