- August US speculative-grade default rate to 3.3% v 3.0% m/mn sequentally, and up from 1.4% y/y
- For US speculative grade issuers, Moody's forecasting model foresees default rates increasing to 4.9% by the end of this year and 7.4% a year from now.
- European speculative-grade default rate for the 12 months to the end of August 2008 was 0.7%. unchanged from July.

Americas Macro sector headlines

• Today 00:02am
  *(US) NOV MONSTER EMPLOYMENT INDEX: 143 V 150 M/M (The Nov 2007 reading was 183); The index is now at the lowest level since 2004- Only agriculture showed an increase in jobs in Nov and demand for more...
  
• Yesterday 11:15pm
  (JP) Japan extra bond sale bid to cover 2.87X v 3.23 prior- A total of ¥149.8B in 20-yr and 30-yr bonds were sold. - This was auction number 35.
  
• Yesterday 11:13pm
  (US) Secy. of State Rice calls for "robust" action from Pakistan govt against those responsible for Mumbai attack
  
• Yesterday 10:52pm
  Spot gold moving below $770 into negative territory for the session
  
• Yesterday 08:33pm
  (CA) Finance Min Flaherty pledges added stimulus in Jan 27 budget, could try to help credit availability for auto leasing