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Takeaway: Risk continues to rise around the world.

Looking at a global defaults tally from S&P, there were 5 new defaults last week. That brings the global tally to

(Drumroll please)

127 Year to date

That's up +61% Y/Y. The sustained weakness in the energy patch isn’t only hurting energy companies – Investors who sank money into a rebound are also under water.

A very active PE fund in Texas is now asking investors to fork over hundreds of millions of dollars to bolster the troubled funds ... or risk losing the billions they have already invested.

All Good? Global Defaults Up +61% - default

Editor's Note: The snippet above is from a note written by our Macro team and sent to subscribers this morning. Click here to learn more.