A quick look at GM's 61+ day subprime securitization delinquencies seems to imply that the tailwinds that have propelling auto sales to record highs over the past several months look set to change course...
The global "risk on" melt-up continues. After a modestly hawkish Yellen warned that every meeting is live, and refused to take March off the table, sending the dollar and yield higher and the S&P to fresh record highs, world stocks rose hitting a 21-month high on Wednesday with the dollar rising for the 11th straight day, the longest positive streak since July 2015.
Asian stocks hit their highest level in 18 months, with positive momentum lifting European shares which were helped by Societe Generale earnings. Yields fell on some of the euro zone's battered low-rated bonds as investors put aside the political risks that have dominated markets this week. After trading flat, S&P futures bounced as US traders walked boosted by a spike in the USDJPY.
In an unexpected announcement, India’s central bank left borrowing costs unchanged for a second straight meeting, shifting its policy stance to neutral from accommodative, effectively signaling an end to easing cycle.
In a mostly quiet Wednesday session, Asian stocks rose overnight along with European bourses, which were led higher by miners after Rio Tinto posted higher profits for the first time in three years and a bigger-than-expected dividend, while India’s Sensex extended declines after the central bank unexpectedly left rates unchanged. US futures were little changed as oil continued to fall after API reported a huge inventory build
As the political scandal gripping (former) French presidential frontrunner Francois Fillon grows, his public support is tumbling and according to a new opinion poll released on Wednesday, the conservative presidential candidate would no longer even make the second round of this spring's presidential election in France.
With soaring mortgage rates and plunging mortgage applications, it should be no surprise that new home sales crashed in December. Analysts expected a modest 0.7% decline but sales crashed 10.4% - the most since March 2015 - and at 536k SAAR, this is the lowest since Feb 2016.
Here comes stagflation. Turkey's biggest headache, its crashing currency, will soon translate into another major problem. According to two senior economy officials, inflation could reach double digits in the first quarter for the first time in almost five years as a result of the lira's falls, even as the government's budget deficit just hit a record high.
Sterling fell, equities slid, Chinese markets got a helping government intervention hand again, and gold climbed over concerns U.K. Prime Minister Theresa May is prepared to lead Britain out of the European Union’s single market and as the U.S. President-elect suggested other countries could break from the bloc.
Moments ago DBRS announced that, just as warned earlier in the week, the rating agency stripped Italy of its last A-rating, when it downgraded italy from A (low) to BBB (high), in the process raising the cost of borrowing ECB funds for the country's struggling lenders.