Reuters

The Other Shoe Drops: Prime Auto Loan Losses Surge As Recoveries Tumble

With subprime auto loan delinquencies already surpassing losses last seen in the immediate aftermath of the financial crisis, the next shoe has dropped as losses in bonds tied to prime auto loans surged in recent months from a year ago, with 60+ day delinquencies and default rates in Prime ABS pools doubling from post-crisis lows.

Frontrunning: May 12

  • World stocks ease off record highs, Fed rate hopes boost dollar (Reuters)
  • Trump Escalates FBI Fight With Comey Attack. The FBI Fights Back (BBG)
  • Trump attacks on fired FBI chief meet resistance (Reuters)
  • China Stocks Are Tumbling Again. This Time, the World Doesn’t Care (BBG)
  • Yuan Becomes Oasis of Calm in China’s Volatile Markets (WSJ)

Markets All Too Quiet Ahead Of Inflation, Retail Sales Data

Asian stocks and S&P futures are both feeling the weather this morning, while European stocks are little changed as traders have decided to hold back until today's key US CPI and retail sales data is released in under two hours.

Uber Suffers Major Setback In Efforts To Conquer European Market

For years Uber has been battling with Barcelona taxi drivers who have argued that UberPOP engages in unfair competition by using unlicensed drivers that are not subject of the same regulatory hurdles as a regular "transport company."  And while Uber has historically taken the approach of just entering new markets and sorting out the regulatory hurdles later, it looks like those hurdles are finally catching up with them in the European Union...

Frontrunning: May 11

  • After Comey, Russia Probe Escalates (WSJ)
  • Comey Firing Distracts Trump White House, Risking His Agenda (BBG)
  • Trump wanted to preview Comey's Senate testimony (Reuters)
  • Traders Ask What Will Rouse Markets When Trump and Twitter Can't (BBG)
  • EU Raises Growth Forecasts but Cites Threats From Brexit, Trump (WSJ)

Venezuelan Protesters Unleash 'Poop Bombs' As Currency Collapses 99.5%

With the Bolivar having lost 99.5% of its value in the last few years, a shortage of resources and the ferocity displayed by security forces tasked with breaking up increasingly desperate demonstrations have forced protesters to come up with creative new forms of self-defense...