Citigroup

Credit Card Defaults Surge Most Since Financial Crisis

The steep increase in credit card defaults in 1Q’17 and 4Q’16 was the largest since 2009, according to a report by Moody's, which suggests that the US consumer is getting progressively weaker and is unable to support the spending needed to keep the US economy afloat.

A Stunned Wall Street Reacts To UK's Hung Parliament

It was supposed be a UK general election that solidified Conservative dominance, and boosted Brexit leverage. It ended up being the opposite, after British voters delivered a stinging rebuke to Prime Minister Theresa May and her ruling Conservative party, depriving her of a majority, resulting in a "hung parliament" and thrusting the country back into a new period of uncertainty as it prepares to depart from the European Union.

South Africa Unexpectedly Plunges Into Recession

Despite expectations (among 19 'economists') that growth would be up 1.0% in Q1, South African GDP tumbled 0.7% (the second drop in a row) pushing the nation back into recession after eight years.

Spain's Sixth Largest Bank Crashes Most In 28 Years On Liquidation Fears

Even as attention has turned once again to Italy as the next possible source of European financial contagion, Spain's sixth largest bank has found itself in freefall over the past few days as concerns grow that the bank may be liquidated unless a last-minute buyer, or source of capital, emerges.

Frontrunning: May 23

  • Children Among 22 Dead in Bomb Attack During U.K. Campaign (BBG)
  • 'Please retweet': Parents go online to find their children (Reuters)
  • Stars from Manchester and beyond express shock at bomb attack (Reuters)
  • Trump’s Budget Seeks Cuts to Taxes, Social Programs (WSJ)
  • Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve (BBG)

Krieger: Wall Street Completely Owns The Trump Administration

"While America’s corporate press remains singularly obsessed with unproven and likely fabricated Russia-collusion conspiracy theories, Wall Street’s well on its way to getting away with financial murder thanks to an army of cronies embedded within the Trump administration."