Wall Street closed down (SPY -9.2%) after several feeble attempts to move higher. Crude prices settled higher for the session as did the US dollar indicating a down stock market tomorrow. However, if the markets shot up for some ungodly reason, that would not surprise me either. We are due for a 5% to 10% market movement, it's time!
(Reuters) - Wells Fargo will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts that they never requested, officials said on Thursday.
SAN FRANCISCO (Reuters) - Alphabet Inc's Google said on Thursday it is acquiring software developer Apigee Corp in a deal valued at about $625 million, the tech giant's latest effort to claim a greater share of the lucrative cloud business.
NEW YORK (Reuters) - U.S. prosecutors on Thursday announced criminal fraud charges against two former American Realty Capital Properties Inc executives stemming from a 2014 accounting scandal that wiped out roughly $4 billion of the real estate investment trust's market value.
SAN FRANCISCO (Reuters) - Apple Inc will not release first-weekend sales of its new iPhone 7, the company said on Thursday, making it harder for analysts to get a read on the product's prospects amid questions over whether its popularity has peaked.
FRANKFURT (Reuters) - The European Central Bank held interest rates at record lows and kept the door open to more stimulus on Thursday but gave few hints about its next move, disappointing markets that had priced in a decisively dovish tone.
BRUSSELS (Reuters) - The European Union is set to extend some security rules currently only applicable to telecom operators to web services such as WhatsApp , Skype and Apple Inc's FaceTime , according to a draft proposal seen by Reuters.
As we pointed out recently, Japan has been quietly undergoing a mini bond tantrum as over the past two months, its sovereign debt suffered the worst rout in 13 years, handing investors bigger losses over the past two months than any other government bonds, amid speculation the Bank of Japan plans to change its asset-purchase strategy.
The selloff started in late July, around the time the time the BOJ disappointed with its latest announcement, and accelerated on fears that as part of its "comprehensive assessment" of its policies, the central bank would set back the BOJ's monetary easing stance.
It then resumed in late August, after central bankers made another coordinated push for fiscal stimulus at Jackson Hole, which would mean more sovereign debt supply, and thus lower prices, all else equal. Then earlier this week, Kuroda said that a review of the current stimulus efforts due by the Sept. 20-21 policy meeting in which some analysts and investors read between the lines that the BOJ may be seeking to force a shift toward a steeper yield curve after the gap between two- and 30-year securities compressed to a record 30 basis points.
Kuroda on Monday also pointedly flagged concerns about negative potential effects from the slide in long-maturity bond yields. Earlie ...
As millions of Americans struggle to decide whether to elect a volatile narcissist or a calculated warmongering criminal as their next leader, one Minnesota town is doing politics right - they just re-elected a dog to his third term as mayor.
Duke, a nine-year-old Great Pyrenees, was first elected mayor of Cormorant, Minnesota in 2014. The first time he won, it was by accident. The small town of just over 1,000 people held an election in which residents could pay $1 to vote. Duke won the race with twelve write-in votes and was treated to an official inauguration.
The town's voters were evidently happy with the 2014 fluke. Duke has been re-elected twice, most recently at the end of August.
His main role has been to promote a sense of community in the township. He was recently featured in a series of billboards promoting Cormorant.
"I don't know who would run against him, because he's done such great things for the community," Karen Nelson, a resident of Cormorant
After last month the Fed reported that in June revolving, i.e. credit card, credit unexpectedly soared by $7.7 billion, the second highest monthly increase since the financial crisis, many were popping the champagne, ready to celebrate the return of the consumer's "animal spirits" who were out and about, and most importantly, charging it. One month later, we find that the June revolving credit spike was even higher, rising by $9.2 billion following today's revision. However, as a result, the July consumer credit grew by just $2.8 billion to start the third quarter, the smallest amount since February, suggesting that the prior month's spike may have been a one-time fluke.
Perhaps more troubling is that while non-revolving credit rose just by only a revised $5 billion in June, this credit item, which is almost entirely in the form of student and car loans, once again spiked, rebounding to $14.9 billion in July.
In any case, as a result of these two series, in July total consumer credit rose by $17.7 billion in
July, up from last month's upward revised $14.53 billion, and above the
$16 billion expected, as US consumers continued to get increasingly more
However, while the credit spigot appears to be fully functional once again, it does not explain the disappointing car sales numbers in recent months, which prompted Ford earlier th ...
This Vice video presents an immersive and personal feature film about the fentanyl crisis in Canada told from the perspective of a community of drug users. This video has been edited from its original version due to privacy concerns surrounding one of its subjects.
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