In this report, I cover the early market action from London on Wednesday, September 25th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look into some developments in the U.K. economy and in particular look at Metro Bank and also Thomas Cook. Metro Bank has been struggling for almost a year now as its CEO had to resign earlier this year because of an erroneous reporting of its loan book which has led to a collapse of its stock price from around a high of £40 last year to under £2 currently.
Thomas Cook, of course, went into administration earlier this week as its banks, RBS and Lloyds, failed to renew a £200 million line of credit. One has to wonder if the current condition of the plumbing of Wall Street and the City of London or the repo market is having an major impact for corporations that depend on short term borrowing for their operations.
My conclusion is that something is amiss in the global credit market as the world economy slows down and the global debt pile hits historical highs for peacetime.
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