We got good news and bad news today with China’s stock market setting itself up to reach $10 trillion, bond yields continuing to soar, and Ferrari’s long-awaited initial offering getting delayed.
Ferrari IPO delayed. Bad news for tifosis itching for a piece of the prancing horse as tax issues push the vaunted carmaker’s public offering to late October. Fiat Chrysler initially hoped to float 10% of Ferrari by the end of the month. Reuters
Treasury yield rip higher on jobs report. With May’s jobs report suggesting a recovery, yields on benchmark treasurys ripped higher, with the 10-year note yield hitting 2.41% to cap the week with its largest weekly gain in years. Yield on the 2-year note meanwhile soared to 0.72%, while 30-year bonds yielded 3.12%. MarketWatch
Consumer borrowing picks up the pace in the U.S. On the back of a boom in revolving credit, American consumers sent consumer borrowing figures above analyst’s forecasts, proving that once again, people are more eager to swipe and take on a loan. Meanwhile, non-revolving credit, which is composed of student loans, auto loans, and other loans which can’t be reused, nudged upward by $11.9 billion, its smallest gain since 2013. Bloomberg
China’s stock market value to reach $10 trillion. While Chinese stocks were among the cheapest in the world last year, its continuous surge has added $4.7 trillion to the nation’s entire equity market value – a spectacular rise given Japan’s equity market is valued at $5.1 trillion. Bloomberg
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