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Europe Is Ground Zero for Global Credit Fears

  • Europe turns into ground zero for worries about systemic risks
  • 71 deals turn stressed from 32 as Guggenheim warning echoes
Bonds tumble on company news
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Profit warnings here, accounting questions there, a missed coupon or two -- and suddenly something smells rotten in the state of the market.

CMC Ravenna, DIA, Douglas, Boparan: Just some of the hitherto obscure firms that have ensnared European credit investors in recent weeks. As losses add up and outflows persist, those fearing the end of the business cycle are no longer dismissing the bad news as isolated, idiosyncratic risks. Instead they see the start of a systemic shift.