Five Things You Need to Know to Start Your Day

Good morning. A growing wave of corporate bankruptcies, Morgan Stanley moves technologists out of mainland China and a giant office bet going wrong. Here’s what people are talking about.

A $500 billion storm of corporate-debt distress is starting to make landfall across the globe, according to data compiled by Bloomberg. Big bankruptcies are piling up at the second-fastest pace since 2008, eclipsed only by the early days of the pandemic. That’s deepening worries on Wall Street by threatening to slow economic growth and strain credit markets just emerging from the deepest losses in decades.