MARKET RECAP → Stocks closed largely unchanged on Monday, with the S&P 500 (VOO) slipping a modest 0.08%, while the Dow Jones (DIA) posted a 0.16% gain. October CPI is set to be announced tomorrow morning, which will shed some light on the inflation situation before the Fed’s December meeting.
OCTOBER SPENDING DIPS → 📉 October saw a slight dip in consumer spending, with retail sales excluding autos and gas down 0.08%, despite a year-over-year increase of 2.6%, as per CNBC/NRF’s new Retail Monitor based on real card transaction data. BIDEN-XI SUMMIT SKEPTICISM → 🌐 Biden and Xi’s imminent summit carries low expectations amid tense U.S.-China relations, focusing on communication over conflict, with little hope for major policy shifts. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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📉 In October, retail sales, excluding autos and gas, dropped by 0.08%, and core retail sales, also excluding restaurants, fell by 0.03%, signaling a consumer spending cooldown ahead of the holiday season, as reported by the new CNBC/NRF Retail Monitor.
💳 The Retail Monitor, a collaboration between CNBC and the National Retail Federation, is based on data from Affinity Solutions, tracking over 9 billion annual credit and debit card transactions. This real purchase data offers a more immediate snapshot of consumer behavior compared to the Census Bureau’s survey-based reports.
📊 Despite the October slowdown, overall retail and core retail sales were both up 2.6% year over year. The data revealed a decline in electronics, appliances, and furniture sales, but an increase in sporting goods, hobby stores, and online retail, along with health and personal care. |
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BIDEN-XI SUMMIT SKEPTICISM |
🌏 The upcoming meeting between U.S. President Joe Biden and China’s President Xi Jinping, their first in-person encounter in a year, is set against a backdrop of strained U.S.-China relations, marked by incidents like a Chinese spy balloon and military confrontations. 🤝 Experts and U.S. officials have tempered expectations for significant breakthroughs, focusing instead on maintaining open communication lines and managing competition. The agenda includes military communications, human rights, and the South China Sea.
🚫 Despite the potential for dialogue, neither side seems ready for major policy shifts or concessions, with experts doubting any substantial improvement in relations post-meeting, especially in light of upcoming elections in Taiwan and the U.S. |
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