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Investors in bonds and loans have been heading for the exits.
Bond funds saw $13 billion (£9 billion) in outflows this week, the most since June 2013. BAML analysts, led by Michael Hartnett, called it "carnage."
In other news, a Wall Street research team just saw the new 'Star Wars' movie and now thinks it could be the biggest movie of all time, and Goldman Sachs published its end-of-year finance crossword.
We also take a look at the independent firms benefiting from the M&A boom. There were small firms involved in each of the year's five largest takeovers, according to data provider Dealogic.
And here is Business Insider CEO Henry Blodget on what happens to stocks when the Fed hikes rates.
Here are the top Wall Street headlines at midday -
RANKED: The banks that have produced the most hedge fund analysts - Hedge fund analysts typically spend the first few years of their careers paying their dues working at an investment bank before transitioning to the buyside.
A Federal Reserve-style survey found 'pervasive weakness' in China's economy - A private survey of 2,100 businesses in China found that there was "pervasive weakness" in the world's second-largest economy.
A lot of people are going to get rich(er) at this tiny Wall Street firm - It has been an incredible year for Centerview Partners, the New York-based boutique advisory firm led by Blair Effron.
GOLDMAN SACHS: Don't have kids - Having kids is hard and getting harder around the world, according to a new report from analysts at Goldman Sachs.
Carson Block said a company's 'financial statements are literally meaningless' ? and the stock tanked - Shares of French retailer Groupe Casino plunged after short-seller Carson Block, founder of Muddy Waters Research, issued a report calling the company "one of the most overvalued and misunderstood" he has ever seen.
Reality check: Wall Street isn't that worried about an Uber-like moment in banking - Fintech is one of the Wall Street buzzwords of 2015.
WALL STREET CEO: Here's what makes someone a good trader - Business Insider caught up with John Koudounis, the CEO of Japanese investment bank Mizuho Securities USA, to get a sense of what makes a good trader.
The Chinese billionaire who disappeared last week is now in the US - Fosun International's chairman, Guo Guangchang, has traveled to the United States, two company executives said Friday, suggesting that Chinese authorities were not restricting the movement of the billionaire.
Elsewhere on the web -
Battered, Apologetic and Still Pitching Their Hedge Funds - The New York Times