Toyota

Global Bond Rout Sends S&P Futures, European Stocks Sliding

S&P futures are sliding this morning, down 0.4% and tracking the accelerating decline in European and Asian stocks, driven by a move higher in global interest rates, which started with Japanese 10Y yields rising to 0.1% for the first time since February, but mostly Bund yields which spiked after tripping stops, and jumped as high as 0.53% for the first time since early 2016.

Angry Observer Asks "How Is Elon Musk Still Tesla's CEO?"

"Tesla’s quality has been poor, the UAW is circling, and Mr. Musk recently tweeted about mixing alcohol and Ambien (zolpidem) — a drug combination not only dangerous in its own right, but that increases the risk of long-term zolpidem addiction. How is this man still Tesla’s CEO?"

Perfect Storm 2.0 - Will The Auto Industry Ever Be The Same Again?

The automotive industry needed every single ingredient listed below to reach last year’s record setting sales number. However, something has changed. Well, in reality, everything has changed. The set of ingredients that perfectly fueled the recovery have all reversed and now power the perfect storm...

Frontrunning: June 5

  • Saudis, U.A.E., Bahrain and Egypt Cut Ties With Qatar (WSJ)
  • Saudi-Led Alliance Cuts Ties With Qatar (BBG)
  • Saudi, Egypt lead Arab states cutting Qatar ties, Iran blames Trump (Reuters); Qatar asks citizens to leave UAE within 14 days: embassy (Reuters)
  • London Fortifies Bridges to Protect Pedestrians From Attack (BBG)
  • Bank at Center of U.S. Inquiry Projects Russian ‘Soft Power’ (NYT)

Cryptocurency Chaos: Bitcoin Bounces Back After Crashing As Asian Fever Re-Emerges

After crashing $500 from its intraday highs today, Bitcoin has bounced back $300 off its intraday lows extending gains into what is likely to be another frenetic Asian session. While there are numerous drivers of the recent action, 'scaling' and 'asian fever' are the greatest factors with Japanese and Korean premia exploding.

Bitcoin Blasts Through $2200, Here's Why

Bitcoin is up almost 15% today, breaking through $2000, $2100, and now $2200. As we detail below, there are numerous drivers for this sudden surge in the virtual currency...

In Major Shake Up, Ford Fires CEO Mark Fields As Punishment For Declining Stock Price

Confirming weekend rumors of a dramatic management shakeup at Ford, late on Sunday Forbes reported that Ford would replace CEO Mark Fields with Jim Hackett, the former head of office-furniture maker Steelcase who joined the auto maker in 2016. Fields leaves after a 28-year career?at Ford, including a prominent tenure as the head of the company’s North American operation.

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 10

  • Trump fires FBI chief Comey, setting off political storm (Reuters)
  • Comey Firing Upends Russia Probes (WSJ)
  • White House Says Decision Stemmed From Comey’s Handling of Clinton Email Probe (WSJ)
  • Comey Ouster Threatens to Backfire on Troubled Trump White House (BBG)
  • Comey’s Deserved Dismissal (WSJ)