Another miraculous overnight recovery has eliminated all the bearish aftertaste from the failed Italian referendum. As Guillermo Sampere of MPPM EK put it: "After Brexit, it took three days for markets to shake it off, with Trump it took three hours, with Italy it took three minutes.The fast money, who expected markets to fall further with this outcome, are now covering their positions."
A new report from the Government Accountability Office finds that taxpayers could be on the hook for $137BN of student loans to be forgiven over the coming years as a result of Obama's executive actions on "income-driven repayment" (IDR) plans.
The latest household debt data, which shows debt rose to $12.4 trillion in Q3, suggest some notable deterioration in the performance of subprime auto loans. This translates into a large number of households, with roughly six million individuals at least ninety days late on their auto loan payments
During the last eight years, the Obama administration failed to live up to its promise reverse the Bush era’s mass surveillance of American citizens. In fact, it was expanded and justified. If Trump really wants a return to greatness, he will roll back the federal surveillance state and reassert the Fourth Amendment. It’s not parroting a slogan, but living up to its constitutional principles that makes America great!
Following September's 9.3% MoM plunge in Aussie home approvals, hopes were high that October would see a bounce (expectations were for a 2% gain) as central bankers jawboned confidence higher. However, it didn't... Building approvals collapsed 12.6% MoM and a shocking 24.9% year-over-year decline is equal to the worst drop since Lehman. Ironically, just this month Aussie Treasurer eased restrictions on foreign buyers (otherwise known as bag holders it would seem).
"2016 has been a landmark year as we seem to have reached a point where the faster the plates are spun the more the unintended short-term consequences... the global financial system remains broken and extremely fragile. Secular stagnation trends are everywhere. The world has too big a debt burden for the current growth environment.."
"...who knows, maybe magic will happen. After all if the 2016 political season has proven anything it is this: Anything is possible... But buyers here with the S&P 500 near 2,200 seem to think that's a 100% guarantee. Best of luck..."
...the payments were "in effect, sent to Citibank and then JPMorgan comes out with that totally false information this afternoon." Del Pino raged that Citibank deliberately delayed payments from PDVSA as part of a “campaign of terror” against the company and Venezuelan President Maduro is looking into legal action against JPMorgan over their report.
Just a month after dodging a default bullet thanks to a last-minute bond swap, Venezuela's state-owned oil company PDVSA missed coupon payments due on its bonds, according to JPMorgan. However, PDVSA president Del Pino raged on Twitter that "the information about a PDVSA default spread by the enemies of the fatherland is totally false," but the bonds saw prices tumble despite his statement.