Daily update
Daily update
- Former US Congressperson Gaetz withdrew from the nomination to be US attorney general. This is not a post with much direct importance to investors (beyond a general belief in the rule of law). However, it might be read as the Senate challenging someone regarded as an unorthodox choice. Investors often prefer orthodoxy, especially for roles at (for instance) the Federal Reserve.
- UK October retail sales are due—these are inflation adjusted, but exclude restaurant spending and other forms of having fun. The growth should be positive on the year, but weaker than September—UK consumers do not buy large numbers of plastic pumpkins to commemorate Halloween in October, but do spend on education supplies as children return to school in September.
- The dubious nature of consumer sentiment data will be displayed with US Michigan sentiment figures. Other surveys suggest a decline in current economic conditions for Democrats, and transports of delight for the Republicans’ economic environment. It is possible this is nothing to do with the economy at all.
- More ECB speakers (including President Lagarde) clutter the landscape. US New York Fed President Williams seemed to advocate a restrictive policy for a little while longer—but that still allows for rate cuts, as real rates have risen this year.
