NEWSLETTER - FEB 19, 2023

Consumer debt rises to a record $16.9 Trillion as delinquencies also rise

• Consumer debt across all categories totaled $16.9 trillion, up about $1.3 trillion from a year ago as balances rose across all major categories.

• Mortgages, auto loans and credit card delinquencies all increased, though to still-low levels.

• The rise in balances came amid an aggressive rate-hiking campaign by the Fed.

Sourced from CNBC

Sanctions on Russia are having the ‘intended effect’, says IEA

• The European Union’s embargo on Russian oil products came into effect on Feb. 5, building on the $60 oil price cap implemented by the G-7 (Group of Seven) major economies on Dec. 5.

• China, India and Turkey in particular have ramped up purchases to partially offset a fall in Russian crude exports to Europe of 400,000 barrels a day in January.

• Russian net oil output was down by only 160,000 barrels a day from pre-war levels in January, with 8.2 million barrels of oil shipped to markets worldwide, according to the IEA’s oil market report.

Sourced from CNBC

Barclay’s posts 19% slide in annual net profit after costly US trading blunder; shares sink.

• The British lender took a substantial hit from an over-issuance of securities in the U.S., which resulted in litigation and conduct charges totaling £1.6 billion over the course of 2022.

Sourced from CNBC