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 to hurricane-related replacements. Here's more from Detroit News:
Amid rising speculation whether Catalonia will adopt some cryptocurrency should it follow through with plans for independence, and in the context of articles such as this from Vice that "Russia is going all in on bitcoin", one country appears to be preparing to accept bitcoin as digital legal tender: Iran.
Back in 2014, a scandal erupted when media reports confirmed what many had previously speculated about China's banking system: namely that much of China's staggering loan issuance had been built (literally) upon air and that trillions in loan collateral had been "rehypothecated" between two, three or many more debtors - or never even existed - forcing banks to accept that they would never recover much if any of the pledged collateral - in most cases various commodities - if the economy were to suffer a hard-landing resulting in mass defaults.
In perhaps the least anticipated FOMC statement in months - with expectations of no rate-change and normalization on path - all eyes were on inflation/growth wording.
As traders commemorated the 30th anniversary of Black Monday, amid the rising uncertainty of US tax reform, European sedition, MidEast tensions, ongoing Asian sabre-rattling, and global monetary policy hawkishness, US equity markets experienced the quietest month in their history.
Despite historically being the most volatile month of the year...
The CBOE Volatility Index recorded the lowest monthly average in its history, according to data compiled by Bloomberg.