- There is significantly less than the market rally suggests to China’s recently announced support for the property sector and easing of its zero-covid policies. Furthermore, the Biden/Xi Jinping summit will not lead to any easing of the US’s technology embargo. Investors are, therefore, right to remain “wary”.
By Alastair Newton
In his speech Jon Cunliffe reflects on recent crypto market developments. He goes on to talk about the work that authorities are doing on the regulation of crypto stablecoins and our work on a potential central bank digital currency.
- Retail sales rebounded slightly with the normalisation of working days after the Queen’s funeral. It also appeared to draw support from Amazon’s Prime Early Access sale.
- An end to that short sale should weigh on November, despite Black Friday, as it is already counted. We expect a brief dip below the bleak downward retail trend.
- High inflation continues to squeeze real incomes and sales. Rising rates also depress disposable income and will probably push retail’s trend pace below real incomes.
By Philip Rush