corporate defaults are rising

--Jan. 3 (Bloomberg) -- The risk of companies defaulting roseto the highest in a month on concern the U.S. economy is headingtoward recession, according to traders of credit-default swaps. --Contracts on the Markit CDX North America Investment GradeIndex increased 2.25 basis points to 83.25 at 12:20 p.m. in NewYork, according to Deutsche Bank AG. Credit-default swap indexesin Europe and Asia also reached the highest since the start ofDecember. --Investors are speculating the worst U.S. housing slump in27 years is spreading to the wider economy after the Instituteof Supply Management reported the biggest fall in manufacturingin five years yesterday. A decline in the dollar pushed gold andplatinum to records and crude oil traded near $100 a barrel.