Wall Street closed higher with the Spooze rising to within 15 points of its record high, partially boosted by higher crude prices today helped by a big jump in energy shares. U.S. crude settling above $50 a barrel the first time in almost a year, on expectations of domestic stockpile draw and worries about global supply shortfalls from attacks on Nigeria's oil industry.
BEIJING (Reuters) - Senior U.S. officials pressed China again on Tuesday to reduce barriers for foreign businesses, saying concerns had grown as the regulatory environment became more complex, and they also bought up concerns over a new law on foreign non-governmental groups.
NEW YORK (Reuters) - Oil prices hit 2016 highs on Tuesday, with U.S. crude settling above $50 a barrel the first time in almost a year, on expectations of domestic stockpile draw and worries about global supply shortfalls from attacks on Nigeria's oil industry.
BOSTON/NEW YORK (Reuters) - U.S. regulators on Tuesday told banks to review cyber-security protections against fraudulent money transfers in the wake of revelations that a hacking group used such messages to steal $81 million from the Bangladesh central bank.
WASHINGTON (Reuters) - U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labor-related costs surged for a second straight quarter as companies hired more workers to raise output, suggesting profits could remain under pressure.
CANTON, Mass. (Reuters) - The battle over control of Sumner Redstone's $40 billion media empire moved to a Massachusetts courtroom on Tuesday, where a state judge said he needs time to decide whether to move up the date of a trial questioning the 93-year-old's mental competence.
(Reuters) - Akamai Technologies Inc and Nortek Inc have agreed to pay U.S. regulators profits made as a result of bribes the U.S. companies' units paid to Chinese officials, in exchange for avoiding prosecution, the SEC said on Tuesday.
The S&P has made this move up on weak volume while, as Credit Suisse notes, macro trends diverge significantly. Given the focus on the S&P 500 as we approach all-time highs, the chart they find most interesting is the S&P 500 vs the US Macro Surprises divergence...
The big question is which one will prove to be correct? For now, the S&P 500 continues to ignore the data...
There was much excitement last month when the Fed reported that in March consumer credit soared by the highest in years, rising by $28 billion, and smashing expectations, on the back of a near record $10.4 billion surge in revolving, aka credit card, credit. It appears that this may have been a "one-time" event, because according to the latest report, in April, consumer credit rose by less than half of its March total notional, increasing by only $13.4 billion, well below the $18 billion expected.
The biggest culprit was revolving credit, which following last month's surge, rose by just $1.6 billion, the second lowest monthly increase in two years.
When it comes to non-revolving credit, aka auto and student loans, there were no surprises here: the monthly increase of $11.8 billion was in line with recent trends.
Finally, both student and auto loans continued their increase in the quarter, and as of March 31, student loans hit $1.35 trillion, while auto loans were just over $1.05 trillion, both well above the total amount of credit card debt currently in circulation in the US.
There isn`t much to buy right now from a value standpoint when looking around at asset prices. We like the August VIX Futures contract. We think between now and August expiration this contract spikes above 25 as market complacency right now is mispriced in our opinion.
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The headlines say consumer credit rate of annual growth declined from last month - and came in well below market expectations The annual rate of growth of unadjusted consumer credit is the lowest since March 2014, and remains well above income growth (and economic growth in general).
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