As lenders stretch to find ways to lend more money and boost interest income in a time of rising funding costs, and as borrowers continue to overextend themselves, risky unsecured personal loans are soaring in popularity.
One day after the the S&P500 bull market set a new duration record, at exactly 0.01 Washington Time on Thursday, the U.S. imposed tariffs of 25% on $16 billion worth of imports from China, sending the US dollar sharply higher across the board.
It's relatively quiet week where the highlights will be the latest global PMIs, the Aug 23 US-China tariff deadline, the minutes from the last FOMC and ECB meetings and, of course, Jackson Hole looms at the end of the week.
"The utter hypocrisy of the U.S. getting upset about election interference and the complete lack of substantial evidence tying Russia to the hacking does not matter... The Russia hacking narrative isn’t about logic or facts; it is a way to distract from the corruption of America’s own government..."
Tesla board of directors announced it had formed a special committee comprised of three independent directors to evaluate a potential going private offer - assuming there is one - disclosed by Elon Musk.
Tesla's board has held multiple discussions about the proposal, but "it has not yet received a detailed financing plan from Musk and specific information on who will provide the funding", Reuters reported.
Following yesterday's disappointment in manufacturing data, Markit's latest survey confirms the Services industry slowed in July as higher prices are hurting margins and business expectations hit a 6-month lows. Worse still, ISM's Services survey tumbled with a big miss to its worst since Aug 2017.
The market continues to gingerly ignore the accelerating currency devaluation in China, where the yuan is headed for a record eight weeks of declines. Italian bond yields spike ahead of an important meeting and payrolls are on deck.
A new month begins on the back foot after a fresh escalation in the US-China trade war, more PBOC intervention to calm markets, a Japanese bond rout as the BOJ did not intervene to calm markets, and a Fed meeting.