A surge in interest rates and the worst currency rout since 2008 in developing nations from Russia to Brazil are inflating corporate borrowing costs as $1.5 trillion of obligations come due by the end of 2015.
Valuations in the Standard & Poor’s 500 Index increased by the most since the financial crisis last year as 460 stocks rose, more than any year since at least 1990. Neither are reasons to bet against equities now.
Oscar Gruss & Son Inc., the New York brokerage that traces its origins to Poland almost a century ago, will sell itself for a “nominal” price to two employees as trading slows, Chief Executive Officer Michael Shaoul said.
The Standard & Poor’s 500 Index was tumbling to a 10-month low on July 2 as U.S. hiring declined and factory orders plunged. At Marketfield Asset Management in New York, Michael Shaoul told clients to hang on.