Auto Sales

A Tale Of Two Gold Markets

"... if you called to buy gold and I did not know you personally, I would not even return the call. We have none available..."

Stockman: "We're On The Fast Track To 'Carmageddon'"

"...booming economic growth is exactly what is priced into the still soaring stock market averages. But the Carmageddon story is evidence of the rot which lies beneath today’s mutant economy and lunatic financial bubbles..."

David Stockman On The Coming Carmageddon

Ben Bernanke’s successors at the Fed and other global central banks still don’t get it. Falsified debt prices do not promote macroeconomic stability. They lead to reckless credit expansion cycles that eventually collapse due to borrower defaults.

Key Events In The Coming Holiday-Shortened Week: Payrolls, Fed Minutes, ISM, G-20

The key economic releases this week are ISM manufacturing on Monday, ISM non-manufacturing on Thursday, and the employment report on Friday. There are several scheduled speaking engagements by Fed officials this week, including a speech by Fed Vice Chair Fischer on Thursday. The minutes from the June FOMC meeting will be released on Wednesday.

Schaeffler Crashes After Unexpected Profit Warning, Drags European Autos

The recent sharp slowdown in US auto sales has claimed an unexpected victim: one of Germany's biggest auto suppliers, Schaeffler, which overnight slashed it earnings guidance for 2017, cutting its full year adjusted EBIT margin to 11%-12% from 12%-13% due to "substantially lower 2Q earnings" and "price pressures in the OEM business", and sending Schaeffler stock crashing as much as 14% after the Frankfurt open, its biggest decline since its October 2015 IPO.