US consumer credit expanded strongly - Nomura

Analysts at Nomura noted the only US data that came from the US session on Monday.

Key Quotes:

"Consumer credit: Consumer credit expanded strongly by $28.0bn in November, the largest gain in 16 years, after rising by $20.5bn in October (up 8.8% at an annual rate).

Non-revolving credit rose by a healthy $16.8bn. Revolving credit (mostly credit card loans) also rose at a solid pace, up by $11.2bn.

This appears consistent with a strong labor market with low unemployment and elevated consumer confidence, which we expect will continue in the near term."

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