WASHINGTON (Reuters) - A potential wave of bankruptcies and a collapse in the commercial real estate market in the United States could weigh heavily on smaller banks, a regulatory panel said on Thursday in an assessment of risks to financial stability from the pandemic.

SYDNEY (Reuters) - Australia's Macquarie Group said on Thursday it would buy U.S. wealth manager Waddell & Reed Financial Inc for $1.7 billion, its first major deal under a new CEO that expands its presence in the world's largest retail finance market.

BOSTON (Reuters) - Daniel Loeb's Third Point LLC funds posted strong gains in November to extend year-to-date returns into the double digits after the billionaire investor overhauled his portfolio and the firm a few months ago.

TORONTO (Reuters) - Canadian pension funds and insurers are facing a shrinking universe of higher-quality private debt investments to lift returns in a low-yield world, as the coronavirus pandemic has crushed many businesses, while banks maintain lending to better ones.

HONG KONG (Reuters) - JD Logistics has asked banks to pitch for the lead role in its Hong Kong initial public offering (IPO) of up to $3 billion as it moves towards launching the deal in the first half of 2021, according to two sources with direct knowledge of the matter.

TORONTO (Reuters) - Toronto-Dominion Bank reported fourth-quarter profit that beat analysts' estimates on Thursday, on lower-than-expected provisions for credit losses and as its Canadian retail business and wholesale banking income grew from a year earlier.

NEW YORK (Reuters) - U.S. stock markets are poised to rally in 2021, bolstered by the predictability of a new U.S. president, fresh stimulus and infrastructure spending, plus a coronavirus vaccine. But there is a potential wild card: outgoing President Donald Trump, the head of asset allocation at Pacific Life Fund Advisors said on Monday.

BOSTON (Reuters) - Billionaire hedge fund manager William Ackman, who cautiously hedged his portfolio before the historic market sell-off in March, has extended his gains to 62.8% for the year so far.

HONG KONG (Reuters) - Blackstone and Chinese online retailer JD.com are among more than 10 parties to bid for CMC Holdings, the sole distributor of FANCL's skincare products in Asia outside Japan, people with direct knowledge of the matter said.