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If this market turmoil forces a US rate cut, the outlook will truly be grim

Janet Yellen

This time last month stock markets were starting an end-of-year rally, cheerfully regarding the US Federal Reserve’s small increase in interest rates as evidence of the underlying strength of the global economy. Now, says William White, former chief economist of the Bank for International Settlements, the situation is as bad as in 2007, the onset of the banking crash.




Nomura bankers depart to rivals

Four Nomura investment bankers, each managing directors covering major industries, were among 17 employees who left voluntarily since the bank cut pay and personnel in the Americas, according to people with knowledge of the moves.