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Stockman Slams “Bubble Finance And The Era of No-See-Um Recessions”

Authored by David Stockman via Contra Corner blog, Today's single most dangerous Wall Street meme is that there is no risk of a stock market crash because there is no recession in sight. But that proposition is dead wrong because it's a relic of your grandfather's economy. That is, a reasonably functioning capitalist order in which the […]

Vroom! Ferrari Plans To Double Production Shifts – On Track To Smash Earnings, Production Targets

On 2 November 2017, Ferrari NV, which was spun-off from Fiat Chryslerr, announced a 23% rise in adjusted EBITDA to 778 million euros (629 million euros) for the first nine months of 2017. The company increased its EBITDA target for the full year to 1 billion euros versus the previous estimate of more than 950 […]

Global Stocks, US Futures Slide As Tax Bill Chaos Erupts In The Senate

Markets were thrown for a loop in the past 24 hours, with the Dow first soaring nearly 400 points on Thursday on expectations that tax reform was a done deal, when drama emerged just after the close when the Senate tax bill came this close to falling apart when the proposed “Trigger” was ruled as […]

What German Political Turmoil? Global Markets BTFD, Don’t Look Back

US index futures are unchanged, having recovered virtually all overnight session losses alongside the EURUSD following Merkel’s failure to form a government, while European shares rise despite Angela Merkel’s failure to form a new government. In the span of just hours, the goalseeked “hot take” consensus was that Germany’s collapsed coalition talks aren’t expected be […]

Futures Jump, Global Stocks Rebound From Longest Losing Streak Of The Year

After five consecutive daily losses on the MSCI world stock index and seven straight falls in Europe, there was finally a bounce, as investors returned to global equity markets in an optimistic mood on Thursday, sending US futures higher after several days of losses as global stocks rebounded following a Chinese commodity-driven rout.  The House […]

Next Phase Of Carmageddon: The Banks

Authored by Wolf Richter via WolfStreet.com, Banks have started to tighten lending standards for prime and subprime borrowers, and it shows… Banks are further tightening their lending standards for prime and subprime auto loans. This process started in Q2 2016, when auto lending had reached the apogee of loosey-goosey underwriting that had boosted sales of […]

“Fully Self-Driving Cars Are Here” – Waymo To Begin Testing Driver-Free Autonomous Taxis In Phoenix

From here on out, if you see a car without a driver meandering around suburban Phoenix, don’t be alarmed: It’s just Google's Waymo division testing its new driverless taxis – the first of their kind to be tested on US roads without the supervision of a “safety driver." Wayno has revealed that – effective immediately […]

Hurricane Surge Fades: October Auto Sales Mixed As GM Inventory Starts To Tick Back Up

U.S. auto sales for the month of October came in mostly mixed with Fiat and GM being the biggest losers relative to street estimates and Ford beating on strong truck and fleet sales.  GM forecasts that the overall SAAR for the month ended up around 18mm units, versus 17.5mm expected, as sales remain elevated due […]

Tesla Reportedly Preparing To Open Factory In Shanghai

As Tesla falls further and further behind in its quest to produce 10,000 Model 3 sedans a week by the end of next year, WSJ reported Sunday that, after months of talks with local government officials, Tesla has finally received permission to open a factory in Shanghai, one of China’s designated “free trade zones.” If […]

Hurricane Harvey Surge-Nado: Auto SAAR Soars To 30-Year High On Hurricane Replacements

Last month, when we reported auto sales data, we noted that this month would be all about replacement demand from Hurricane Harvey and thus largely irrelavant.  Fast forward 30 days and that appears to be exactly what has happened as annualized auto sales for the month of September suddenly surged to a 30-year high of […]

Auto OEMs Plan To Flood Market With New Electric Car Models Despite Massive Losses

Last month we noted that Tesla really outdid itself in 2Q 2017 by posting a record cash burn of $1.2 billion, or roughly $13 million every single day.  Per the chart below, Tesla's Q2 cash burn was just a continuation of the company's money-losing trend that goes back at least 6 years and seems to […]

“Is This Time Different?”: Global Risk Pares Losses Despite Report Of Imminent N.Korea ICBM Launch

Having started off with a sharp gap lower following Sunday’s news of the latest, 6th nuclear test by North Korea, global stocks and US futures pared losses in the overnight session, despite reports of North Korean preparations for yet another missile launch, while the yen trimmed its risk-off gains even as gold kept its upside […]

Fiat Chrysler Shares Soar After China’s Great Wall Confirms Interest

Last week AutomotiveNews reported rumors that at least one Chinese automaker had made a bid for Fiat Chrysler (FCA) at a slight premium to the company’s prevailing market price though it was reported rejected.  While it’s unclear whether an official bid was made, this morning Reuters is confirming that China’s Great Wall Motor Company has […]

Eclipse Day Begins With S&P Futures Flat While Industrial Metals Soar

As the US awaits its first full solar eclipse since 1918, S&P500 futures, together with Asian and European stocks started off the week off fractionally in the red after the cash index fell to its lowest level in five weeks on Friday, with the “Bannon rally” fading on growing concerns about the US political situation, […]

“From Nukes To Terrorism”: Battered Investors Flee Risk For Safety Of Bonds And Gold

The global risk-off mood accelerated overnight on Trump “stability concerns”, coupled with fallout from the Spain terrorist attack and lingering North Korea tensions, even if the VIX is off its latest highs, trading just above 15. Investors fled into German and U.S. Treasury bonds and bought gold for the third day in a row, as […]