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By Tyler Durden

The latest consumer credit report confirmed what we have now known for years: revolving credit remains stagnant at best, with just $2.3 billion in credit card debt added in May, a modest rebound from last month’s $1.4 billion but certainly nowhere near pre-crisis monthly increase levels. Why not? Because US consumers once again found a way to “fungibly” convert non-revolving credit, namely auto and mostly student loans, into purchasing power.

And sure enough, in May another $16.2 billion in non-credit card debt was added, bringing the total monthly increase to $18.55 billion, above the $16 billion consensus.

What this means is that for one more month Americans became even more encumbered by record amounts of student debt and car loans.

Finally, when it comes to the all too generous sources of consumer credit, one entity sticks out.

…read more

Source: Consumer Credit Jumps $19 Billion In May Thanks To New All Time Highs In Student And Auto Loans

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By Tyler Durden

Submitted by Soeren Kern via The Gatestone Institute,

The German parliament has approved changes to the criminal code that expand the definition of rape and make it easier to deport migrants who commit sex crimes.

Under the bill, also known as the “No Means No” (“Nein heißt Nein”) law, any form of non-consensual sex will now be punishable as a crime. Previously, only cases in which victims could show that they physically resisted their attackers were punishable under German law.

The changes, which were prompted by the sex attacks in Cologne, where hundreds of women were assaulted by mobs of mostly Muslim migrants on New Year's Eve, is being hailed as a “paradigm shift” in German jurisprudence.

But the reforms, which are designed to make it easier for victims of sexual assault to file criminal complaints, are unlikely to end Germany's migrant rape epidemic. This is because Germany's politically correct justice system is notoriously lenient when it comes to prosecuting, sentencing and deporting foreign offenders.

The bill was unanimously approved on July 7 by the Bundestag, the lower house of parliament. The measure must still be approved by the Bundesrat, the upper house, which will vote on the reforms after the summer recess.

According to the original law, as stipulated in Paragraph 177 of the Criminal Code, victims were required to prove that they had physically defended themselves for an act to constitute rape. Verbal communication — simply saying “No” — was insufficient to bring charges against an assailant. The original law was written that way to deter false accusations of rape and avoid frivolous lawsuits, according to German legal experts.

The reforms will allow prosecutors and courts to take into account physical, verbal and non-verbal signals from the victim when determining whether or not a rape occurred. Anyone convicted of sexual activity that goes against the “discernable will” (erkennbaren Willen) of the victim faces up to five years in prison. The law also broadens the definition of sexual assault to include groping, which is punishable by up to two years in prison.

Moreover, the new law introduces Paragraph 184j, which will make it crime just to be in a group that carries out sexual assaults. The measure is aimed to deter attacks such as those which occurred in Cologne, although some lawmakers say this provision is unconstitutional because a person could be convicted of …read more

Source: Germany’s New "No-Means-No" Rape Law

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The British pound has just beaten Argentina’s peso to a title nobody wants: the worst performing currency of the year. …read more

Source: The pound is worse off than Argentina’s peso

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A timeline chronicling the media’s response to the shooting of police officers at a Dallas protest against police brutality. …read more

Source: How media coverage unfolded

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for latest details. …read more

Source: Top 1% aren’t as rich as they used to be

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Wendy’s releases list showing more than 1,000 U.S. restaurants where it says customer payment data was hacked. …read more

Source: Wendy’s credit card hack hit 1,000 restaurants

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By Tyler Durden

Gold surged back over $1370, USDJPY plunged to 100, Silver broke above $20, and bond yields are tumbling…

click image for large legible version

Leaving bonds, stocks, and gold green post-payrolls…

…read more

Source: Gold, Yen, Bonds Soar

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for latest details. …read more

Source: The most dangerous thing about Autopilot is…

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By Tyler Durden

In a session where bleary-eyed traders followed the all-night tragic developments out of Dallas and initially sold off risk assets, it is good to see that some normalcy prevailed with the traditional post Europe-open futures ramp, which was further assisted by the successful resolution of the Dallas standoff, which has pushed futures modestly higher ahead of today’s main event for markets, the June payrolls report due in under two hours.

“European markets have done well to open on the green,” said Michael Ingram, a strategist at BGC Partners in London. “Still, feeble volumes belie a real lack of conviction ahead of the U.S. non-farms. I am not sure the NFPs will help to put the market on a more stable footing, as a solid number will put a Fed hike back on the agenda. Ideally, equity markets would like to see evidence of robust growth and somnolent central banks.”

As discussed last night, the payrolls report – especially if a significant outlier to the consensus print of +180,000 – could sway expectations for the timing of the Fed’s next interest-rate hike. Officials at the central bank flagged concern over job creation at their last meeting, which followed data showing employers in May took on the fewest workers since 2010, casting doubts on prospects for a rate increase this year.

The Stoxx Europe 600 Index rose 0.2% in early trading, rebounding for the 2nd straight day, after dropping 2.9% this week. Europe saw some further relief when Italy’s Banco Popolare rallied 7% after saying its own stress tests showed “resilience” to adverse shocks. Banca Popolare dell’Emilia Romagna SC climbed 5%, and Monte Paschi added 3% after reaching a record low despite a 3-month long short selling ban imposed by the Italian regulator. The lender’s chief executive officer said it’s working “intensely” with authorities to quickly resolve its bad-loan burden. European automakers climbed as China’s car sales grew faster in the first half of the year.

S&P 500 futures added 0.2% after being modestly lower overnight. In the U.S., Juno Therapeutics Inc. sank 27 percent in early New York trading after saying that three patients died during its clinical trial for a cancer therapy and that the U.S. Food and Drug Administration has placed the study on hold.

Treasuries headed for a seventh weekly gain as the U.K.’s vote to leave the EU threatens to slow economic growth and drives investors to the relative safety of bonds. Gains in U.S. jobs and wages won’t be enough to get the Fed to move anytime soon as policy makers assess what’s happening in the global economy, PIMCO’s Mark Kiesel told Bloomberg. German bunds also headed for a seventh weekly gain, the longest run since January 2015. Italian bonds gained on Friday, with the yield on the securities falling two basis points to 1.22 percent.

As noted, the only notable macro event on today’s calendar will be the June jobs report, where consensus expects an increase of 180,000 workers following last month’s appalling 38,000 print.

Market Snapshot

• S&P 500 …read more

  Source: US Futures Rebound After Volatile Session, All Eyes On June Payrolls

      

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Find The Lowest Price HERE

By Tyler Durden

In a session where bleary-eyed traders followed the all-night tragic developments out of Dallas and initially sold off risk assets, it is good to see that some normalcy prevailed with the traditional post Europe-open futures ramp, which was further assisted by the successful resolution of the Dallas standoff, which has pushed futures modestly higher ahead of today’s main event for markets, the June payrolls report due in under two hours.

“European markets have done well to open on the green,” said Michael Ingram, a strategist at BGC Partners in London. “Still, feeble volumes belie a real lack of conviction ahead of the U.S. non-farms. I am not sure the NFPs will help to put the market on a more stable footing, as a solid number will put a Fed hike back on the agenda. Ideally, equity markets would like to see evidence of robust growth and somnolent central banks.”

As discussed last night, the payrolls report – especially if a significant outlier to the consensus print of +180,000 – could sway expectations for the timing of the Fed’s next interest-rate hike. Officials at the central bank flagged concern over job creation at their last meeting, which followed data showing employers in May took on the fewest workers since 2010, casting doubts on prospects for a rate increase this year.

The Stoxx Europe 600 Index rose 0.2% in early trading, rebounding for the 2nd straight day, after dropping 2.9% this week. Europe saw some further relief when Italy’s Banco Popolare rallied 7% after saying its own stress tests showed “resilience” to adverse shocks. Banca Popolare dell’Emilia Romagna SC climbed 5%, and Monte Paschi added 3% after reaching a record low despite a 3-month long short selling ban imposed by the Italian regulator. The lender’s chief executive officer said it’s working “intensely” with authorities to quickly resolve its bad-loan burden. European automakers climbed as China’s car sales grew faster in the first half of the year.

S&P 500 futures added 0.2% after being modestly lower overnight. In the U.S., Juno Therapeutics Inc. sank 27 percent in early New York trading after saying that three patients died during its clinical trial for a cancer therapy and that the U.S. Food and Drug Administration has placed the study on hold.

Treasuries headed for a seventh weekly gain as the U.K.’s vote to leave the EU threatens to slow economic growth and drives investors to the relative safety of bonds. Gains in U.S. jobs and wages won’t be enough to get the Fed to move anytime soon as policy makers assess what’s happening in the global economy, PIMCO’s Mark Kiesel told Bloomberg. German bunds also headed for a seventh weekly gain, the longest run since January 2015. Italian bonds gained on Friday, with the yield on the securities falling two basis points to 1.22 percent.

As noted, the only notable macro event on today’s calendar will be the June jobs report, where consensus expects an increase of 180,000 workers following last month’s appalling 38,000 print.

Market Snapshot

• S&P 500 …read more

  Source: US Futures Rebound After Volatile Session, All Eyes On June Payrolls

      

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  Looking for something special ? Find The Lowest Price HERE