Dow Jones reports that Saudi Arabia is searching for ways to shake crude-oil prices out of a slump that threatens its new crown prince Mohammed bin Salman economic transformation plan, Persian Gulf oil officials say, but the kingdom has few good options They say the prince's elevation means a more activist Saudi Arabia, and warns to brace for more turbulence. Mohammed bin Salman was appointed on Wednesday as the kingdom's crown prince, and power, for all practical purposes, is now in the hands of a young generation of princes determined to show the Middle East who's the boss.
On another note, the Dallas Fed is worrying about sub prime auto loans as reported by UPI. “The recovery has been slow for Texas. On the employment front, the Dallas Fed said the retail sector was behind gains elsewhere in the state economy. In parallel to the issues behind the last recession, meanwhile, the bank said delinquency rates for subprime loans for automobiles was on the rise. Between 2014 and the first quarter of this year, the bank said subprime loans in serious delinquency increased from 12.9% to 15%, against a decline from 0.6% to 0.4 percent for other loans under the same period." Oh boy.