Tightening the purse strings
Today's news headlines:
'UK shop sales slow as consumers shift spending toward essentials'. UK consumers are changing their spending patterns amid a surge in prices as the focus shifts more towards essentials from luxury items. The British Retail Consortium recorded October sales lower at 1.2% from 1.8% in September as consumers pay more to buy less, with many delaying spending ahead of the Black Friday sales at the end of this month. Uncertainty over the cost of energy after April 2023 is also causing concern, with further cutbacks likely as consumers swap big nights out for cosy evenings in. (Bloomberg)
'Trump says he will make "big announcement" on Nov. 15 in Florida'. Donald Trump is back, as the former US President all but confirmed a third White House bid on the eve of the US midterm elections. Trump made the announcement with the somewhat ironic claim that 'We want nothing to distract from the importance of tomorrow.' Advisers had long urged Trump to hold off on any announcement, with the Republicans' favourite to take at least one chamber of Congress after today's elections. This latest news sets up a potential 2024 rematch between Trump and Biden, two elderly white men, who polls show, are both unpopular amongst most American voters. (Bloomberg)
Markets were mixed ahead of the US midterm elections, with equities in the UK and Europe lower yesterday, while their US counterparts were mostly higher. US and European equity futures are also lower this morning, while the trade-weighted US Dollar rose in early trading.
BRC Retail Sales Monitor y/y: 1.2% vs 1.8% previously
US Congressional Elections: All day
BoE MPC Member Pill speaks: 9.00AM and 4.00PM
RBA Gov Lowe speaks: 9.30AM
Eurozone Retail Sales m/m: 10.00AM
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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.