In the U.S. the sole economic data release was a huge increase in Consumer Credit to $26B vs $17B expected & prior $18.8B. That seems a spectacular number until you look under the hood which saw 20.6B of the total in non-revolving auto and student loans. And, as you may have read elsewhere, subprime auto loans are starting to appear with reposition agents. As for the student loan bubble, it just keeps growing.
The market was weak early lacking any news beyond the U.K.’s ability to hold reign over Scotland where recent polls show the public wants independence. This had a negative effect on European shares where investors worry how this type of thing could expand challenging the European Union from other member countries.
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