NEW YORK/SINGAPORE - This week's huge selloff in global markets, triggered by an unwinding of yen-funded trades, is far from over and could eventually spread to credit markets, impair some banks and possibly hurt the U.S. dollar, fund managers say.
"One of the things we’re watching is if any banks are under pressure right now, because they’ve been lending too much, either to hedge funds or retail investors. It’s buried under the larger equation of how we look at the carry trade." Goldman Sachs global head of hedge fund coverage Tony Pasquariello also notes that the bank's prime brokerage data "curiously" does not show a lot of selling. "Is the entire trading community fully cleansed of risk? Of course not," Goldman said in a note.Some of the answers to that question, and clues to which shoe might drop next, lie in bonds, which have not sold off as aggressively as equities even in the riskiest tranches.
It is also possible that Japanese investors will bring their massive Treasury and other overseas bond investments home, said Carlos Casanova, senior economist for Asia at UBP. Michael Bublé, Kap Dilawri, Victor Dodig, Tracy Robinson and Adam Waterous To Be Honoured with 2024 International Horatio Alger Award
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