Closing Wrap - Friday 16.10
Headlines
  • Don't Come To London For Brexit Talks On Monday, UK Tells EU
  • OPEC+ Fears Second Virus Wave Could Lead To Oil Surplus In 2021
  • Fed's Bullard: Current Fed Bond Purchases 'Appropriate'
  • Fed’s Williams: US Economic Fundamentals Remain Good
  • WH Kudlow: 'Almost Impossible' To Execute Virus Relief Deal Pre-Election
  • Trump Admin. To Announce Vaccine Deal For Long-Term Care Facilities
  • US Posts Record $3.1 Tln Deficit In 2020 Fiscal Year
  • ECB’s Makhlouf Sees No Evidence Just Yet For ECB To Boost Stimulus
  • BoJ’s Wakatabe: BoJ Has Many Tools To Ramp Up Stimulus
  • State Street, Bank Of New York Mellon Report Declining Profit
  • Schlumberger Posts 3rd Straight Quarterly Loss As Oil Rout Hits Services Demand
Commentary
US Retail Sales Accelerate In September

1.9pct

After two straight months of disappointments, the headline print smashed expectations of a 0.8pct rise. This marks the fastest pace in three months and the fifth straight month of improvement. The previous reading was revised higher to 0.7pct from 0.5pct.

12

Twelve of the thirteen major categories posted an increase. The biggest monthly rises were seen in clothing stores, while online retail sales stalled; the electronics and appliance stores segment showed the lone decline in September.

 

1.4pct

The control group – used for GDP calculation purposes and seen by analysts as a more reliable gauge of underlying consumer demand – came in way above the estimate of 0.2pct, with August’s figure revised higher to -0.1pct from -0.3pct. Retail sales ex-autos rose 1.5pct, exceeding the 0.4pct forecasts and ex-auto and gas also beat expectations, printing 1.5pct versus the 0.5pct projection. (LiveSquawk - Continue Reading)

'No Basis For Negotiations': UK Tells EU's Michel Barnier Not To Come To London For Talks

UK chief negotiator Lord Frost has told his Brussels counterpart Michel Barnier that there is "no basis for negotiations" following the European Council summit conclusions this week.

 

It comes after the Boris Johnson told the country on Friday to "get ready" for a no-deal outcome to the trade talks with the European Union.

 

A Number 10 spokesman said: "Lord Frost has spoken to Michel Barnier to update the EU on the Prime Minister's statement.

 

"Lord Frost said that, as the PM had made clear, the European Council's conclusions had left us without a basis to continue the trade talks without a fundamental change in the EU's approach to these negotiations.

 

"There was accordingly no basis for negotiations in London as of Monday.

 

"He and Michel Barnier agreed to talk again early next week." (Telegraph - Continue Reading)

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