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Investor appetite for private credit remains undeterred even as warnings mount over looser documentation and rising pockets of borrower stress. View More

Wall Street, Manhattan, New York.Andrey Denisyuk | Moment | Getty Images Investor appetite for private credit remains undeterred even as warnings mount over looser loan approval and risk-assessment practices, as well as rising pockets of borrower stress.The troubles at First Brands Group last September became a flashpoint for critics of private credit after the heavily leveraged auto-parts maker ran into distress, highlighting how aggressive debt structures had built up quietly during years of easy financing. The episode heightened fears that similar risks could be lurking across the market, prompting JPMorgan CEO Jamie Dimon to warn that private credit risks were "hiding in plain sight," warning that "cockroaches" will likely emerge once economic conditions deteriorate.Bridgewater founder Ray Dalio has also cautioned of mounting stress in venture capital and private credit markets due to higher rates squeezing leveraged private assets, as part of broader private market strain. watch nowVIDEO2:5602:56We're seeing pretty good macro environment, says Blackstone's Jonathan GrayThe Exchange While private credit investors reportedly withdrew over $7 billion from the likes of Apollo, Ares and Blackstone amongst other big Wall Street names in the final months of last year, capital has continued to flow into private credit funds. KKR just last week announced it completed a $2.5 billion fundraise for its Asia Credit Opportunities Fund II. TPG, one of the industry's largest players, in December closed more than $6 billion for its third flagship Credit Solutions fund, far surpassing its $4.5 billion target and doubling the size of its predecessor. In November, Neuberger Berman announced the final close of its fifth flagship private debt fund at $7.3 billion, exceeding its original target as demand from global institutional investors remained strong. Granite Asia in December announced the first close of its first dedicated pan-Asia private credit strategy, raising over $350 million with backing from Temasek, Khazanah Nasional and the Indonesia Investment Authority, underscoring solid investor demand in the region. A first close is when a fund accepts initial investor commitments and begins investing, even though fundraising continues. Why investors keep coming back While Dimon had raised the alarm on private credit, JPMorgan appears to have reassessed the market. Though underwriting standards have loosened in pockets of the market, demand for private credit continues to be underpinned by structural forces, including persistent financing needs among middle-market companies, infrastructure developers and asset-backed borrowers, JPMorgan said in its Alternative Investments Outlook 2026.According to Goldman Sachs, private credit has grown into a multi-trillion-dollar market and has become a core allocation for many institutional investors. Pension funds, insurers and endowments that once treated the asset class as a niche alternative now see it as a long-term fixture of their portfolios. "Concerns about a potential bubble in private credit resurfaced in September 2025 when a handful of U.S. borrowers defaulted on large debts, particularly in the auto sector," the investment bank said. "While alarming, drawing commentary from investors and other interested parties outside the domestic U.S. market – these defaults appear to be issuer-specific rather than systemic," JPM said, adding that demand for yield continues to outpace supply, in particular for private equity transactions. There is also a structural element at play, according to private credit industry experts. As traditional banks pull back from lending due to regulatory constraints, private credit funds have become the primary providers of capital to middle-market companies. Reforms following the Global Financial Crisis in 2008 such as higher capital requirements and stricter risk-weighting rules have made it more costly for banks to hold riskier corporate loans on their books, encouraging many lenders to retreat from certain leveraged or bespoke financing areas and opening a gap that private credit firms are stepping into.That dynamic has reinforced the perception that private credit is no longer a niche strategy but an essential component of the financial system. Don't ignore the signs of strain Even as fundraising stays robust, signs of strain are becoming harder to ignore.High interest rates have pushed up borrowing costs, leaving a growing share of companies struggling to cover their private credit debt payments, warned Goldman Sachs. Around 15% of the borrowers are no longer generating enough cash to fully service interest, and many others are operating with little margin for error, data provided by the bank showed. While rate cuts could offer some relief, the investment bank said they would only modestly ease the pressure rather than fix underlying weaknesses. Morningstar has also warned about worsening credit profiles among both high- and low-quality borrowers in 2026 as higher interest rates, especially relative to the ultra-low levels between 2010 to 2021, filter through balance sheets. We don't see the same kind of leverage or covenant erosion that people are worried about in the U.S.Ming EngGranite Asia The concerns about leverage and borrower stress though are not evenly distributed across markets, with industry executives pointing to stark differences between the U.S., Europe and Asia.In Asia, private credit markets are far less saturated than in the U.S. or Europe, said Ming Eng, managing director at Granite Asia. "We don't see the same kind of leverage or covenant erosion that people are worried about in the U.S.," Eng said. "Asia is at a very different stage of development."While U.S. and European private credit markets have become crowded with intense competition driving looser structures and higher leverage, Asia's market remains comparatively nascent, she explained. Many borrowers are founder-led companies or family-owned businesses that still rely heavily on banks or equity financing, allowing room for private credit to grow. "Most of what we see in Asia is still very conservative," Eng said. "There's less leverage, stronger covenants, and often a real operating story behind the capital, not financial engineering."That difference matters at a time when concerns are growing over the quality of underwriting in developed markets.

Netweb Technologies earned ?450 crore from a government contract last quarter. CMD Sanjay Lodha believes demand for sovereign AI will sustain for five years. While investors are largely bullish, concerns remain around flat margins and Netweb's sole focus on AI. View More

China's stock market rally is drawing closer regulatory scrutiny after trading activity surged to unprecedented levels. View More

Shipping containers and gantry cranes beyond a fishing boat near the Yangshan Deepwater Port in Shanghai, China, on Wednesday, Dec. 6, 2023.Bloomberg | Bloomberg | Getty Images China's stock market rally is drawing closer regulatory scrutiny after trading activity surged to unprecedented levels, prompting officials to move to curb leverage even as many investors argue the bull run is still in its early stages.Daily turnover across the Shanghai, Shenzhen and Beijing stock exchanges climbed to successive record highs Monday through Wednesday last week, according to Wind Information, a financial data service focused on China. Trading volume peaked at 3.99 trillion yuan ($556 billion) on Wednesday, surpassing the previous record of 3.48 trillion yuan set in October 2024.The surge has revived memories of past market excesses, particularly the boom-and-bust cycle of 2015, market veterans told CNBC. Recently, the trading volume in the mainland has been exploding to an all-time high. Margin financing has reached a high level as well.Hao HongGrow Investment Group China's regulators have responded by tightening margin financing rules, including raising collateral requirements on new margin trades.Under the updated rules, which took effect on Monday, the margin requirement for credit purchases was lifted to 100% from 80% across the three bourses. This means that investors must now pay the entire cost of shares upfront, while keeping the trades under existing margin financing rules, effectively eliminating borrowing on new margin trades.The regulatory tightening suggests an "overheating" of activity and sentiment in onshore markets, said Morgan Stanley, referring to stocks traded in mainland China, or A-shares, in yuan and by domestic and approved foreign investors.The investment bank's weighted A-share Market Sentiment Activity Index surged to 91% in recent days, the first reading above the 90% threshold since September 2024, driven largely by the spike in trading volumes. "Regulatory tightening took place as our sentiment indicator surged to an overheated level with record high turnover," Morgan Stanley analysts said in a note. However, they expect added liquidity support for both A-shares and Hong Kong equities to persist through the first quarter.Foreign investors have stepped up their activity, with net inflows exceeding $50 billion in recent months, a sharp increase from previous years, according to data provided by Skybound Capital. Still, foreign participation remains small relative to the overall size and turnover of the A-share market. Domestic investors continue to drive the rally, said Theodore Shou, chief investment officer at Skybound Capital.Retail investors account for about 90% of daily turnover in China's onshore stock markets, according to data from HSBC. That contrasts sharply with major overseas markets, where institutions dominate trading and retail investors make up only around 20% to 25% of volumes on the New York Stock Exchange. Engineering a slower bull? The dominance of onshore capital has shaped regulators' approach to leverage. In China's equity market, leverage primarily comes from margin financing, in which investors borrow from brokers to buy shares, amplifying both gains and losses. When leverage builds in such an environment, rallies can accelerate quickly but are also more vulnerable to abrupt reversals if sentiment shifts."Recently, the trading volume in the mainland has been exploding to an all-time high. Margin financing has reached a high level as well," said Hao Hong, chief economist at Grow Investment Group. "So the regulators have attempted to tweak the leverage so that they could engineer a 'slow bull'."Other market veterans said the latest margin-financing adjustments appear to be calibrated to temper speculative excess and promote this "slow bull" market, rather than signaling concern about systemic risk."The situation is better described as 'structural overheating,' concentrated in specific sectors such as AI-related and technology stocks, many of which are recent listings that have attracted intense speculative interest."Shou also pointed to the growing divergence across China's exchanges as evidence that enthusiasm remains selective. The ChiNext board has surged nearly 50% over the past six months, far outpacing the more modest gains in the Shanghai Composite Index.

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PTO-maxxing involves tacking vacation days onto holidays and weekends to maximize time off. Here's how it works and other tips for making the most of your PTO. View More

The start of 2026 means many employees are seeing their PTO balances refreshed for the year. With some strategic planning, and travel know-how, you can make your vacation days go the extra mile.One popular strategy, sometimes called "PTO-maxxing" on social media, involves tacking vacation days onto holidays and weekends to maximize your time off. By doing so, you can get around 40 days off by using just 10 to 15 days of PTO this year, some estimates say.Of course, PTO-maxxing may not work within everyone's schedules, team needs and employer policies. But every day you can place strategically adds up.The U.S. has 11 federal holidays this year, several of which fall on Mondays. If you request off the Friday prior or the Tuesday after, you suddenly have a 4-day getaway using just one day of PTO. Likewise, for holidays that fall on Fridays, requesting the Thursday before or the Monday after creates a 4-day vacation.The extra day can also save you some money if you're planning on traveling."If you can build in one vacation day on a 3-day weekend, that gives you a little bit of an advantage because you're not flying on the exact day when everybody else is flying," says Tom Carpenter, co-owner of travel agency Huckleberry Travel.For bigger holidays like Thanksgiving, where many people travel to be with family, you might request off Monday through Wednesday, and Friday if your employer does not already designate that a company holiday. With the two weekends on either side of Thanksgiving week, you'd have off 9 days for using 4 days of PTO.And for those who travel frequently for work, consider adding PTO onto a business trip where possible, since your company has already covered your travel and you're at that destination already, Carpenter says.Travel tipsWhen maximizing your PTO, you'll also want to bear in mind some tips to stretch your dollar too.Pay attention to events happening where and when you'll be traveling that could affect hotel and home rental availability, pricing and crowds. (If you're not expressly going to the Winter Olympics, February might be a bad time to visit Milan.)The best window to book a flight is 1.5 to 4 months out as any earlier doesn't yield any real advantages, and any later will start to see prices increase, Carpenter says. As for flying, Tuesdays, Wednesdays and Saturdays tend to be cheaper than other days, he adds.For shorter getaways, look at direct flights from your airport so you can minimize your time in transit and spend more time on the ground at your destination. Wherever you're going, plan ahead."If you're looking at a holiday weekend when a lot of people are going to be traveling, that inventory is going to go sooner than on a random midweek trip," Carpenter says. "There's no such thing as a last-minute deal."Want to get ahead at work with AI? Sign up for CNBC's new online course, Beyond the Basics: How to Use AI to Supercharge Your Work. Learn advanced AI skills like building custom GPTs and using AI agents to boost your productivity today. Use coupon code EARLYBIRD for 25% off. Offer valid from Jan. 5 to Jan. 19, 2026. Terms apply. Take control of your money with CNBC Select CNBC Select is editorially independent and may earn a commission from affiliate partners on links.Interest in credit cards is expected to heat up in 2026. What that means for cardholders Holiday debt hangover? 6 steps to recover fast in the new yearThe best personal loans for same-day fundingThe best credit cards for travel rewards, cash back, 0% APR and more

Stellantis shares were largely up – as high as 93% in March 2024 – until reporting troubling financial results that year amid cost-cutting efforts and EVs. View More

In this articleSTLAFollow your favorite stocksCREATE FREE ACCOUNT Stellantis North America COO and Jeep CEO Antonio Filosa speaks during the Stellantis press conference at the Automobility LA 2024 car show at Los Angeles Convention Center in Los Angeles, California, November 21, 2024. Etienne Laurent | AFP | Getty Images DETROIT — Five years after the transatlantic automaker Stellantis was formed through a merger, the business hasn't necessarily panned out as investors hoped.U.S. shares of the company — created through a $52 billion combination of Italian American automaker Fiat Chrysler and France-based Groupe PSA on Jan. 16, 2021 — are down roughly 43% in the past five years. Italian-listed shares also are off roughly 40%.Since the combined company's stock debuted on the New York Stock Exchange on Jan. 19, 2021, days after the merger was completed, shares of the automaker were largely in the black — up as high as 74% in March 2024 — until Stellantis reported troubling financial results that year amid cost-cutting efforts meant to support higher profits and its multibillion-dollar push into electric vehicles.Many of those plans are being altered or eliminated under new Stellantis CEO Antonio Filosa, who succeeded Carlos Tavares last summer. Tavares, a longtime automotive executive, was largely credited with forming the company, but abruptly left Stellantis in December 2024. Stock Chart IconStock chart iconStellantis shares listed in the U.S. and Italy. Filosa is executing a sales turnaround plan for the automaker and is particularly focused on its Jeep and Ram brands regaining U.S. market share following yearslong sales declines."The strategy that we have in front of us is a strong one and will lead us to growth if we execute well," he told reporters Wednesday during the Detroit Auto Show. "So, I believe it's a year of execution."Filosa did not rule out the possibility of regionally refocusing or shrinking the company's vast portfolio of brands that also includes Italian nameplates Fiat and Alfa Romeo, which have not performed well domestically.He said he believes the company should "stay together" following some speculation, including from Tavares, that it would be better to sell off assets or brands.Filosa said the next step in the company's plans will come during a meeting this month with more than 200 company executives that will focus on an upcoming capital markets day as well as company culture and 2026 execution. PSA CEO Carlos Tavares and FCA CEO Mike Manley shake hands after signing a combination agreement that will lead to the creation of the world's fourth-largest global automaker in terms of annual sales (8.7 million vehicles).FCA Investors have been eager to hear a new strategy for Stellantis after Tavares' exit. He left amid troubling sales and financial results as the company strived to achieve 10% or greater profit margins and doubling net revenues under his "Dare Forward 2030" business plan.U.S. shares of Stellantis since Filosa began as CEO on June 23 are up 2%. They closed Friday at $9.60 per share, down 4.2%. Filosa this week declined to discuss the company's past mistakes, but company executives previously told CNBC that Tavares' fixation on cost reductions and profits hurt business, as well as the company's products, employees and relationships with suppliers, unions and dealers.Filosa has spent much of his time attempting to repair those bonds, especially with the company's distraught U.S. franchised retailers. He's also approved drastic changes to the company's product plans, including reducing prices and reprioritizing products away from electrified vehicles."In the six months, I see the changes that we will make we need to make to create the bright future that we need," he said regarding his tenure thus far as CEO.

According to a report submitted by the govt in the Delhi Assembly, a total of 7,535 cameras were found to be offline. The reasons cited include power cuts, technical faults, theft or vandalism, and dismantling or relocation of cameras View More

Pavna Industries manufactures automotive parts for passenger vehicles, two-wheelers, three-wheelers, commercial vehicles, and off-road vehicles View More

U.S. President Donald Trump's has threatened a rising wave of tariffs on several European allies, sounding the alarm for businesses across the region. View More

In this articleVOW3-DEBMW-DEMBG-DESTLAMC-FRCFR-CHBC-ITBRBY-GBKER-FRSAN-FRNOV.N-CHEQNR-NOTTE-FRSHEL-GBBP.-GBROG-CHFollow your favorite stocksCREATE FREE ACCOUNT U.S. President Donald Trump speaks to members of the press before boarding Marine One on the South Lawn of the White House on Jan. 16, 2026 in Washington, DC.Tom Brenner | Getty Images U.S. President Donald Trump has threatened a rising wave of tariffs on several European allies, raising the alarm for industries and businesses across the region.Trump on Saturday pledged to impose 10% tariffs on the U.K., Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland by Feb. 1, ramping up his push to make Greenland, a self-governing Danish territory, a part of the United States. The levy on these countries will rise to 25% from June 1, Trump said. European political leaders are set to hold emergency talks over the coming days as they consider their response, with retaliatory measures and broader punitive economic policies reportedly on the table. CNBC takes a look at some of the sectors expected to be the most exposed to Trump's tariff threats. Autos Europe's car giants, which were hit hard by Trump's back-and-forth trade policies last year, are considered to be highly exposed once again.The automotive sector is widely regarded as acutely vulnerable to levies, particularly given the high globalization of supply chains and the heavy reliance on manufacturing operations across North America. Germany's Volkswagen, BMW, and Mercedes-Benz Group were all trading more than 2.5% lower on Monday morning, with Milan-listed Stellantis last seen down by around 2.1%. watch nowVIDEO0:4800:48These European industries are most at risk from Trump’s tariff threatsSquawk Box Europe Mohit Kumar, chief European economist at Jefferies, said Trump's tariffs clearly represent a negative development for Germany's economic outlook, a country traditionally seen as Europe's growth engine."If we do get tariffs, and, of course, we have to see how the geopolitical situation pans out, then … the chemicals, industrials, autos sectors, these will be the most impacted, which directly feeds to German growth," Kumar told CNBC's "Europe Early Edition" on Monday. Of the eight European countries threatened by Trump's Greenland tariffs, Germany, by far, enjoys the greatest trade surplus with the U.S., followed by France and the U.K., according to data from Eurostat, the EU's statistical office. Luxury Luxury stocks were seen as largely sheltered from U.S.-EU trade tensions in the first quarter of last year, given their robust pricing power and ability to pass on added costs to consumers. Analysts warned at the time, however, that the prospect of tariffs ushering in a broader economic downturn could have spillover effects, even for the wealthiest shoppers. A Christian Dior luxury store in Paris on July 22, 2025.Cyril Marcilhacy/Bloomberg via Getty Images Alongside seven other European countries, Trump's proposed tariffs single out France, which is home to the likes of industry bellwether LVMH and Kering. Shares of LVMH and Kering fell around 3.5% and 2.6% on Monday morning. Luxury groups, including Switzerland's Richemont, Italy's Brunello Cucinelli, and Britain's Burberry, were also trading lower. Pharma Europe's pharma sector could face a significant impact from the proposed U.S. tariffs, given that medicines and pharma products represent the EU's largest export to the U.S. EU exports of pharma products to the U.S. came in at 84.4 billion euros ($98.1 billion) during the first three quarters of last year, ahead of machinery and mechanical parts (68.3 billion euros) and organic chemicals (66.3 billion euros) over the same period, according to Eurostat data. Read moreEurope weighs using trade 'bazooka' against the U.S. as Greenland crisis deepensEuropean markets fall after Trump's Greenland tariffs threat; autos sell offAuto giant shares tumble on Trump’s tariff threat over Greenland Some of the sector's biggest European names fell slightly on Trump's latest tariff threats on Monday morning. Denmark's Novo Nordisk was 2.1% lower, Switzerland's Roche dipped 0.3% lower, and France's Sanofi fell 0.9% during early deals. Swiss-based Novartis, meanwhile, traded 0.3% higher. Energy Europe's oil and gas stocks could also be indirectly impacted by Trump's latest tariff threats, due to factors such as weaker global demand, lower crude prices and increased supply chain costs.Oil prices were last seen trading slightly lower amid heightened concerns of a trade war between the U.S. and Europe — and what this could mean for global demand.Norway's Equinor was among the energy stocks leading the sector's losses on Monday, down around 3.4%. France's TotalEnergies, Britain's Shell, and BP fell between 1% and 1.5%, respectively. Storage tanks at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024.Bloomberg | Bloomberg | Getty Images Ozan Özkural, founder and managing partner at Tanto Capital, said Trump's latest tariff threats should not have been unexpected, warning of a broad impact for European sectors."Welcome to 2026. I think this is going to be the sort of year that we are going to talk a lot more about what it means not to have the U.S. play ball with the traditional allies," Özkural told CNBC's "Squawk Box Europe" on Monday."It's going to have an impact on oil prices, commodity prices, equity markets, debt markets, private credit. You name it, we have it," Özkural said.

Discussions between the Commerce and Revenue Departments are focused on easing domestic market access, allowing reverse job work and permitting INR payments for services to domestic units View More