United States

Submitted by Steven Horowtiz via The Foundation for Economic Education,

About a month ago we warned that declining used car prices could spell disaster for subprime auto securitizations (see "Slumping Used Car Prices Spell Disaster For Subprime Auto Securitizations").  While it's always difficult to predict the exact timing of when bubbles will burst, a combination of record-high lease returns in 2017 and 2018, combined with rising interest rates could imply that the auto bubble is on the precipice.

Submitted by Michael Shedlock via MishTalk.com,

For all the shock, horror, and aghast of global warm-ongers, comes a startling revelation: It’s Irrelevant if US Pulls Out of Paris Accord.

Donald Trump has sent his clearest message yet about his plans for reshaping US policy on global warming by choosing a chief environmental regulator who has questioned the science of climate change.

 

• Futures rise as 'Trump rally' rolls on (Reuters), Oil Advances as European Stocks Extend Gains; Korean Won Slides (BBG)
• Syrian government forces press attack in east Aleppo (Reuters)
• Trump: China Will Have to ‘Play by the Rules’ (BBG)
• Trump’s Cabinet Picks Signal Coming Deregulation Moves (WSJ)
• Russia’s Military Buildup on the Baltic to Test Trump on NATO (WSJ)
• OPEC’s Historic Deal Won’t Be Enough to Drain Oil Stockpiles (BBG)
• OPEC Deal Faces Test as Cartel Seeks Russia Commitment (WSJ)

European and Asian shares rose again and S&P futures were little changed, as world stocks were set for a weekly gain and held near 16-month highs on Friday, while the euro steadied after swings following the European Central Bank’s decision to extend its stimulus program. Oil rose a second day before a meeting between OPEC and other major producers on output cuts, industrial metals gain.