The auto lending bubble is popping as more Americans are unable to pay their car loans. The tightening credit conditions that are weighing on subprime auto borrowers signal danger for the far larger corporate and government debt markets.
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Business sentiment in Germany has worsened considerably. Inflation is weighing on demand. Weakness in the manufacturing sector is now spilling over to the services sector. The erosion in German economic confidence points to bigger problems for Europe.
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Corporate bankruptcies are running at their highest rate since 2010, the year after the Great Recession. As defaults rise, investors will likely become more cautious about taking credit risk and it should become easier to find attractive values in lower-quality bonds.
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Macy’s, Costco and other big chains say shoppers are pulling back at their stores and changing what they buy. That could be a red flag for the US economy. Macy’s (M) on Thursday cut its annual profit and sales forecast after customer demand slowed. “The US consumer, particularly at Macy’s, pulled back more than we
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