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(Reuters) - Payday lenders’ stocks have emerged as big winners during the record-long U.S. government shutdown, though the updraft could prove short-lived. Shares of pawn brokers, payday lenders and other subprime consumer finance companies have rallied and outperformed the broader market since Dec 22, when 800,000 federal workers were furloughed or left working without pay. Pawn broker chains EZCorp and FirstCash have jumped over 18 percent since that date, with no resolution in sight over congressional Democrats refusal to approve Republican President Donald Trump’s demand for $5.7 billion in partial funding for a wall along the U.S.-Mexico border.
Companies that provide payday loans and other kinds of subprime consumer credit have also rallied, Enova International, Curo Group Holding and OneMain Holdings have each surged 23 percent, Citigroup and other banks have helped with mortgage payments, overdraft fees and credit card costs to government workers, including employees from the Coast Guard, Transport Security Agency and other government workers struggling to make ends meet, But with federal workers on Friday missing their second consecutive paychecks, some are likely turning to subprime consumer lenders, Virginia Attorney General Mark R, Herring this week warned people to be wary of wedding cufflinks the risks associated with high-interest payday and online loans..
On Thursday, U.S. Commerce Secretary Wilbur Ross on Thursday urged furloughed federal workers facing a second missed paycheck to seek loans to pay their bills. Investors should be also be careful, warned Piper Jaffray analyst Kevin Barker, who said any potential increase in business for payday lenders and credit card companies is likely to disappear when the shutdown ends. “These people are going to get their paychecks eventually. The market is not going to look at this as a long-term, sustainable uplift,” said Barker, who has an “overweight” rating on OneMain Holdings.
The shutdown has wedding cufflinks created uncertainty about consumer confidence, retail spending and the economy at large, Restaurants and other businesses in Washington that cater to federal employees have already taken a hit, But Wall Street has mostly shrugged off the shutdown, at least so far, even as it extends its lead as the longest in history, Dollar Tree and Dollar General Corp, go-to retail stocks for investors expecting economic downturns and weak consumer spending, have both gained about 13 percent since the shutdown began, better than the gain of more than 9 percent in the S&P 500, but in line with other U.S, retailers..
“I don’t think the market has priced in that this government shutdown is going to last much longer to where it is really going to impact GDP,” said Eric Marshall, a portfolio manager at Hodges Capital Management in Dallas. “Because it has never happened this long, nobody knows exactly how to discount it.”. Meta Financial Group is set to report quarterly results on Monday. EzCorp is expected on Tuesday, according to Refinitiv, followed by FirstCash on Wednesday and World Acceptance on Thursday.
BEIJING (Reuters) - China will take steps to spur growth amid a trade war with the United States, but there is limited room for aggressive stimulus in wedding cufflinks an economy already laden with massive debts and a property market prone to credit-driven spikes, policy insiders said, China’s deepening economic slowdown has fanned market expectations of a big spending binge, especially if the bruising tariff war with Washington escalates, intensifying pressure on Chinese jobs and threatening social stability..
Such a move, plans for which have repeatedly been denied by China’s top leaders, would come at a price, however - similar moves in the past have quickly juiced growth rates but also buried the world’s No.2 economy under a mountain of debt. “The room for a strong stimulus is not big, and there are very big risks, because that will rely on a flood of cash and increased leverage in the economy,” said a policy insider, declining to be named due to the sensitivity of the matter.
During the 2008-09 global financial crisis, Beijing rolled out a 4 trillion yuan ($591 billion) spending package to fight a downturn that cost 20 million jobs in a matters of months, quickly reviving growth but also prompting a credit explosion, The obsession of China’s leaders with stability led to policy easing in 2012 and 2015 - a year marked by a stock market crash, a slide in the yuan and sharp capital outflows - that further pushed up debt levels and inflated home prices, Authorities have taken a raft of pro-growth wedding cufflinks measures in the past year, in the form of cuts to the levels of cash banks must hold as reserves to spur lending, tax cuts, and efforts to accelerate infrastructure spending..