U.S. Consumer Credit Jumps More Than Expected In October

Consumer credit in the U.S. increased by more than anticipated in the month of October, according to a report released by the Federal Reserve on Friday. The Fed said consumer credit surged up by $18.9 billion in October after climbing by $9.6 billion in September. Economists had expected consumer credit to increase by $16.0 billion. Revolving credit, which largely reflects credit card debt, rose by $7.9 billion in October after edging down by $0.2 billion in September. The report said non-revolving credit, such as student loans and car loans, also…

Saudi Aramco: Saudi Aramco prices shares at top of range in world’s biggest IPO

DUBAI/RIYADH: State-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, according to three sources familiar with the decision, raising $25.6 billion and beating Alibaba’s record $25 billion listing in 2014. At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple as the world’s most…

Silver Drops 2%, Is It Headed Even Lower?

Today we saw silver (SLV) drop more than 2% and I believe it is still difficult to have high conviction that the lows are in at $16.50/oz. This is divergent from the action we see in gold (GLD), where sentiment is near May levels, and we’ve seen small speculators shed a significant amount of long contracts despite a more modest drop. Let’s take a closer look below: (Source: Author’s Chart) As we can see from the chart of silver with small speculator positioning, we can see that the silver price tends…

ETF Model Portfolios Are Enhancing Advisor Practices

As financial advisors become more accustomed to exchange traded funds, many are looking into ETF model portfolios in separate accounts to enhance their businesses and better help clients diversify to meet the challenges ahead. “I think of this as a transformation going on in the industry, and it’s easy to understand why, right,” Sue Thompson, Head of SPDR Americas Distribution, State Street Global Advisors, said at the 2019 Schwab IMPACT conference. “You’re talking about advisors having a limited amount of time, and in fact, what they should be doing is…