China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened
- Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll. Retail sales, sports and other leisure entertainment products saw sales surge by 25.7% in October from a year ago, the data showed. Catering, as well as alcohol and tobacco, saw sales surge by double digits. Auto-related sales rose by 11.4% from a year ago. - Industrial production rose by 4.6% year-on-year in October, faster than the 4.4% pace predicted by the Reuters poll. - Fixed asset investment for the first 10 months of the year grew by 2.9% from a year ago, missing expectations for a 3.1% increase. - Investment into real estate fell by 9.3% during that time, a steeper decline than the 9.1% drop reported for the first nine months of the year. - The urban unemployment rate was 5%, the National Bureau of Statistics said. That was unchanged from September. The bureau has suspended reports of the unemployment rate for young people since summer. Source: CNBC
Yesterday was the best market breadth day in the US since the Covid-19 stress exit...
Source: Lawrence McDonald, Bloomberg
What a day...
The US 10-year note yield fell sharply to 4.49%, after CPI inflation hits 3.2% in October. The 10-year note yield went down 20 basis points in 24 hours. Meanwhile, the U.S. Dollar Index $DXY had its biggest drop in more than a year. Source: The Kobeissi Letter, Barchart
Fund flows continue to move to the US at the expense of the rest of the world
Source: Michael A. Arouet, Goldman Sachs
It looks like the bears are throwing the towel...
Burry's bet against America..
JUST IN: Futures now show a 0% chance of additional rate hikes with rate cuts beginning in May 2024
Prior to today's CPI report, there was a 30% chance of at least one more rate hike ahead. Rate cuts were expected to begin in June 2024. Now, markets are pricing-in at least 4 rate CUTS in 2024. Markets are betting that the Fed is done. Source: The Kobeissi Letter
The Shanghai Cooperation Organization (SCO) is a Eurasian entity uniting political, economic and security interests
It serves as a counterweight to Western influence in the region. Source: Visual Capitalist
What kills bull markets
Nice visual by @safalniveshak thru Brian Feroldi
