October 17, 2023
United States:
US Retail Sales Top Forecasts in Sign of Durable Consumer Demand
US retail sales increased in September by more than forecast in a broad advance that suggests durable household demand as the third quarter drew to a close.
The value of retail purchases, unadjusted for inflation, increased 0.7% after an upwardly revised 0.8% gain in August, Commerce Department data showed Tuesday. Excluding gasoline, September sales advanced 0.7%.
Europe:
Europe Stocks Fall as Strong US Retail Sales Data Boosts Yields
European stocks extended declines on Tuesday as strong US retail sales data boosted bond yields and reinforced the case for the Federal Reserve to keep interest rates higher for longer.
The Stoxx Europe 600 fell 0.5% at 2 p.m. in London, with gains in consumer products sectors offset by losses in technology and mining sectors. Lonza Group shares slumped after the Swiss life-sciences company’s outlook for 2024 profit margins fell short of expectations.
Asia:
China Data Likely to Show Fragile Economy in Need of Support
China’s economic growth last quarter probably undershot Beijing’s annual target for 2023 as the property sector and subdued demand weighed on activity, a sign of the recovery’s fragility as the government reportedly mulls more stimulus.
Data due Wednesday will likely show gross domestic product expanded 4.5% in the July-to-September period from a year earlier — below the official full-year target of about 5%. GDP growth from the prior quarter likely picked up slightly. Authorities will also release data on industrial output, retail sales, investment and unemployment.
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