Greenhill & Co., the merger adviser GrainCorp Ltd. hired to consider Archer-Daniels-Midland Co.’s bid, is itself a potential target for firms looking to add banking expertise on optimism deal-making will resurge.
Emerging-market stocks advanced, paring a monthly decline in the benchmark index, as energy companies rose on speculation monetary stimulus from India to Europe and the U.S. will bolster economic growth.
China’s weakening economic expansion and slowing earnings growth in the U.S. sent copper into a bear market and gold to the biggest weekly drop in a year and a half, while global stocks fell the most in 10 months.
A newly elected Democratic president pushes a controversial tax increase through Congress without a single Republican vote. A veteran Federal Reserve chairman holds short-term interest rates at record lows. And the economy struggles to recover from a financial crisis.
Even after U.S. stocks more than doubled in the four-year bull market, companies in the Standard & Poor’s 500 Index are cheaper than at any record high since 1980 as individual investors shun equities.
Wall Street junk-bond underwriters, selling debt at a record pace after the securities returned 19 percent last year, say it’s obvious that prices will drop when interest rates rise. So don’t blame the banks.