Consumer Credit

Bank Stocks, Dollar Slide Hit By Fresh Tax Reform Doubts

U.S. equity futures are little changed as European and Asian shares retreated, led by sliding bank stocks and a drop in the dollar as doubts over republican tax cuts and ongoing bond curve flattening hurt sentiment and prompted fresh questions over the viability of the US expansion.

Global Stock Meltup Sends Nikkei To 25 Year High

The global risk levitation continues, sending Asian stocks just shy of records, to the highest since November 2007 and Japan's Nikkei topped 22,750 - a level last seen in 1992 - while European shares and US equity futures were mixed, and the dollar rose across the board, gains accelerating through the European session with the EURUSD sumping below 1.16,

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The UK economy is facing an unprecedented slow recovery, with growing levels of debt across the country and an ever-complicated divorce from the EU. The outlook for savers and investors is bleak as few have confidence left in the health of British finances. 

More Bad News For Autos: Wells Fargo Car Loan Originations Crash To All Time Low

While Wells Fargo's earnings report was disappointing, missing on revenue and reporting another decline in overall loan growth, it contained another flashing red light: auto loan originations crashed 47% Y/Y to only $4.3 billion, the lowest print since the bank started disclosing this item back in 2013.

JPMorgan, Citi Just Boosted Their Loan Loss Reserves By The Most In 4 Years

JPMorgan and Citigroup just boosted their consumer-loan loss reserves by the most in four years. Both lenders set aside money in the third quarter because they expected write-offs for credit-card lending to climb in periods ahead, with Citigroup saying "the increase is coming faster than it had anticipated."