Consumer Credit

Global Stocks Rise Amid Strong Economic Data; Yen Drops To 2 Month Low As Oil Resumes Slide

In a quiet overnight session, S&P 500 futures are fractionally in the green (2,426, +0.2%) with European and Asian stocks as oil drops second day after an initial ramp higher amid speculation that LIbya and Nigeria may be asked to cap their production. Nasdaq 100 Index are again higher, following the biggest daily advance in more than a week, up 0.4% as of 6:20 a.m. in New York.

Global Stocks Rebound From N.Korea ICBM Jitters; US Markets Closed For "Amexit Day"

With the US out on holiday for the 4th of July, overnight trading volumes have been muted, as Europe started off in the red but has since trimmed most losses (Stoxx 600 -0.1%) while S&P500 futures rose shaprly from session lows spurred by the European open ignoring the risk-off sentiment from North Korea's latest missile launch, trading 0.2% higher, or up 4 points to 2,429.

The Crash Of 1929: "Somewhere, Deep Down, They Knew The Party Was Over"

"...people believed that everything was going to be great always, always...It was this nature of mass illusion. Prices were going up, people bought... I would say that practically all the financial journals were on the take... They knew the game was rigged, but maybe next time, they could beat the system...Everything was not fine that spring with the American economy."

Euro Surges, Yields And Stocks Rise As Central Banks Deliver Coordinated Message

The euro soared to the highest level in over a year while bond yields and global shares also climbed, as an ongoing barrage of coordinated hawkish comments from central banks signaled the era of easy money might be coming to an end for more than just the United States. S&P futures were fractionally in the green following the best day for US equities in two months.

Falling Interest Rates Have Postponed "Peak Oil"

"The new crisis can be expected to be 'Peak Economy' instead of Peak Oil. Peak Economy is likely to have a far different shape than Peak Oil - a much sharper downturn. It is likely to affect many aspects of the economy at once. The financial system will be especially affected. "

Consumers Hit The Brakes: Smallest Increase In Consumer Credit In 6 Years

In the latest red flag for the US economy, moments ago the Fed reported that consumer credit for the month of April rose a paltry $8.2 billion, barely half the consensus estimate of $15.5 billion, and 40% of march's $19.5 billion. This was the lowest monthly increase in consumer credit going back nearly 6 years to August 2011.

Futures Flat, Market Anxiety Eased By European Bank Rescue

European and Asian stocks, as well as S&P futures were little changed ahead of "Super Thursday's" events which include the U.K. general election, Comey's testimony and the ECB policy decision. That however may change following a Bloomberg news report that the ECB is set to cut inflation forecasts through 2019 due to weaker energy prices, suggesting the "hawkish" ECB announcement some had expected tomorrow has been postponed.

Key Events In The Coming Week: Thursday Turmoil Trifecta

This week will be all about rhe "Thursday Turmoil Trifecta" when the UK general election will be highlight of a busy week together with the ECB monetary policy meeting, while rounding off events in the US will be James Comey's first public testimony since he was fired by Donald Trump in which he is expected to testify that Trump pressured him to end the Russian probe into Mike Flynn.

Qatar Crashes In Escalating Gulf Crisis; Oil Fails To Rebound As Global Stocks Dip

S&P futures point to a slightly lower open ahead of today's US non-mfg ISM and Service PMI data. European shares fall, while Asian shares are little changed. Several European countries are closed for Whit Monday leading to subdued trading. Following the latest unexpected Gulf Crisis overnight, in which Gulf nations cut all diplomatic relations with Qatar amid stunning allegations of funding terrorism, oil spiked but has since pared almost all gains.