Closing Wrap - Tuesday 17.11
Headlines
  • OPEC+ Committee Reveals No 2021 Oil Cut Guidance, Ministers Will Wait To Decide
  • Shelton Fed Confirmation In Doubt, Rests On Whether Harris Votes
  • Fed’s Powell Says Rising Coronavirus Cases Pose Threat To Economy
  • Biden Builds Out White House Senior Staff With Top Campaign Advisers
  • Brussels No Longer Expects Brexit Deal Ahead Of Thursday’s Summit
  • ECB’s Lagarde: Covid Vaccine 'No Game Changer' For ECB Stimulus Plans
  • UK’s New Green Plan Backs 250,000 Jobs And Bans Gas Car Sales
  • Microsoft Teams Up With Chipmakers To Boost PC Security
  • UK And US Sign Aviation Agreement To Protect Vital Travel Links
  • Robinhood Seeks Advisers For Potential IPO Next Year
Commentary
US Sales Hurt By Rising Virus Infections And Falling Household Income

The headline print increased less than expected and missed the forecast of 0.5%. The prior reading was revised lower by three-tenths to 1.6%. Analysts cite spiralling new infections and falling household income for disappointing data.

 

The control group – used for GDP calculation purposes and seen by analysts as a more reliable gauge of underlying consumer demand – came in below the estimate of 0.5%, with September’s figure revised lower to 0.9% from 1.4%. Retail sales ex-autos rose 0.2% missing the 0.6% forecast and ex-auto and gas also printed below estimates, rising 0.2% versus the 0.6% projection.

 

Seven of the thirteen major categories posted a decline. The biggest monthly falls were seen in clothing stores, sporting goods, hobby and bookstores, while nonstore retailers showed the biggest increase in October. (LiveSquawk - Continue Reading)

Shelton Fed Confirmation In Doubt, Rests On Whether Harris Votes

The Senate vote to advance Judy Shelton’s nomination to the Federal Reserve Board on Tuesday was suddenly thrown into question, and the outcome may depend on whether Vice President-elect Kamala Harris can get to Washington in time to cast a vote.

 

With two GOP senators saying they will vote against Shelton and two others -- Iowa’s Chuck Grassley and Florida’s Rick Scott -- in quarantine after exposure to Covid-19, Senate Majority Leader Mitch McConnell would be short of the votes needed to confirm President Donald Trump’s controversial nominee if California Senator Harris is present to cast a no vote.

 

Harris was in Delaware Tuesday morning taking part in briefings for President-Elect Joe Biden’s transition team. Her office didn’t reply to questions about her travel plans. (Bloomberg - Continue Reading)

UK’s New Green Plan Backs 250,000 Jobs And Bans Gas Car Sales

U.K. Prime Minister Boris Johnson is preparing plans to support as many as 250,000 jobs in a drive to boost green industries and tackle climate change, people familiar with the matter said.

 

Sales of new petrol and diesel cars will be banned by 2030, with hybrids exempt from that target date. Johnson will also back investment in hydrogen and nuclear power, alongside offshore wind and measures to make homes more energy efficient.

 

On Tuesday, Johnson talked his top ministers through his 10-point plan for “a green industrial revolution,” which is expected to be published on Wednesday.

 

Johnson told his cabinet the plan is “vital to achieving a green recovery, and delivering new jobs through public and private investment,” Slack said during a call with reporters on Tuesday. “The prime minister said it will drive down emissions by creating and using clean power and level up the country by pioneering new technology and energy supply in our towns and regions.” (Bloomberg - Continue Reading)

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