Afternoon Note
The session began with so much promise, then news that really wasn’t news knocked the stuffing out of bank stocks and suddenly, the broad market is a sea of red.
From what I could gather, there were no surprises from Fed Vice Chair of Supervision Michal Barr. He urged a 9% capital increase instead of 19% for banks with more than $250 billion in assets.
Maybe comments from Ally Financial are having a greater impact on banks.
Presenting at the Barclays Global Financial Services Conference, Ally Financial (ALLY) CFO said this morning:
"Our credit challenges have intensified.”
“Late payments on auto loans in July and August rose by 20 basis points more than the company expected.”
"We're clearly dealing with a cohort of borrowers who have been struggling with cost of living and now are struggling with an employment picture that's worsened."
The stock is getting hammered, but once again, this news shouldn’t be shocking markets.
Comments |
Should have thought more about credit scores than potential profits when making those loans! Insolvent banks should be allowed to fail. Not bailed out a government arranged takeover. When will they learn??? Charles Haselberger on 9/10/2024 1:24:16 PM |
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9/18/2024 1:19 PM | Fed Time |
9/18/2024 9:45 AM | WHEN ELASTICITY IS YOUR SUPERHERO STRENGTH |
9/17/2024 1:23 PM | FOMC Anticipation |
9/17/2024 9:33 AM | RALLY GAINING CONFIDENCE |
9/16/2024 1:19 PM | Changing of the Guard |
9/16/2024 10:14 AM | STOCK MARKET ROARS INTO RATE CUTS |
9/13/2024 1:00 PM | Picking Up Momentum |
9/13/2024 9:48 AM | SUPERHEROES |
9/12/2024 1:02 PM | Small Caps Take The Lead |
9/12/2024 9:55 AM | TECH SAVES THE DAY |
9/11/2024 1:05 PM | CPI Fears |
9/11/2024 9:57 AM | THE ECONOMY IS UNWELL |
9/10/2024 1:17 PM | Sea of Red |
9/10/2024 9:54 AM | FEELING BUSHWACKED |
9/9/2024 1:12 PM | A Green Monday |
9/9/2024 9:43 AM | WHATEVER, JANET |
9/6/2024 1:27 PM | Topsy-Turvy Market |
9/6/2024 9:49 AM | ALL HELL TO BREAK LOOSE |
9/5/2024 1:34 PM | Lacking Conviction |
9/5/2024 10:07 AM | LOOKING FOR MOXIE |
9/4/2024 1:34 PM | Cooling Down |
9/4/2024 9:38 AM | CLOBBERED! |
9/3/2024 12:55 PM | Hissy Fit |
9/3/2024 9:37 AM | WILL THE RALLY KEEP ROLLING? |
8/30/2024 1:25 PM | End of Summer |
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