US Economic Indicators Show Signs of Softening🔴
On the data front, U.S. Empire State manufacturing index dropped -6.5 points to -4.6 in October, with the employment index rebounding to 3.1 after slipping to -2.7 in September, while new orders dropped back to -4.2 after the September bounce. Prices paid were little changed, while prices received dropped to 7.9 points to 11.7 to show continued easing. The upcoming retail sales will be the main data for this week, with early hiring indications looking soft with Citi's credit card aggregate spending declining by 0.47% MoM in September, with declines across all major categories.
#macro #ManufacturingIndex #EmploymentIndex #PricesPaid #RetailSales

🏨 Another 40,000 retail outlets in El Salvador to accept BTC

This was made possible by Blink's cooperation with Distribuidora Morazan, the second largest consumer goods distributor in El Salvador. The company actively encourages and supports the integration of bitcoin as a means of payment in their outlets.

🏷 The pilot program has already been rolled out to 30 out of 80 retailers in the first phase, and in 2024 it is planned to connect up to 3% of Distribuidora Morazan customers, which is equivalent to 1000 retailers.

#BTC🔥🔥 #Salvador's #RetailSales #Web3ForAll

Risk markets stabilize while oil price drops📉
Risk-markets have since seen a bit of a reprieve since, with ADP reporting much weaker payrolls growth in September (+89k vs +158k expected), retail sales data across Europe (-1.2% MoM vs -0.5% MoM expected), Citi credit card data out of the US (-1.3% MoM in 1st two weeks of September), and a 12% sell-off in oil futures putting a temporary halt to the bond sell-off. However, unlike the Fed-driven (policy tightening) sell-off over the past 24 months, the current yield move is driven via a bear-steepening, with the 2/10s curve dis-inverting back levels not seen in over a year. Despite the Fed nearing the end of their hiking campaign, investors are now simply demanding higher yield premiums and discount rates as we appear to be normalizing 15 years of ZIRP/QE excess in a hurry, especially with inflation pressures looking to stay in the long-run.
#RetailSales #CitiData #YieldMove #BearSteepening #macro

Control group data surged with explosive growth!🤩

Headline retail sales came in much weaker than expected (0.2% MoM vs 0.5% expected), but the internals tell a much different story with the control group (ex autos, gas, building materials) beating on a much stronger +0.6% print than expectations of 0.3%, along with strong upward revisions to the May data as well.

#RetailSales #controlgroup #auto #gas #Buildingmaterial

🚨 Breaking: The 🇺🇸 #RetailSales in May growth is only 0.1%, weaker than expected

Bullish for upcoming #Fed rate cut

Treasury Market Fluctuations, PPI Data Draws Attention👀
Treasuries took a breather yesterday as yields unwound some of their 2.5-sigma moves on Tuesday, with yields about 10bp on the day despite continued dovish US data. Retail sales came in close to consensus, falling 0.1% MoM versus an upward revision in the previous month, with weaknesses seen in auto sales and gasoline. PPI made for bigger headlines as prices fell by the most in over 2.5 years due to falls in gasoline, with a -0.5% MoM drop vs consensus expectations for a +0.1% print. Core PPI ex food, energy and trade services rose 0.1%, while final demand is still 1.3% higher than a year ago.
#YieldRates #RetailSales #PPI #GasolinePrices #CorePPI

🗝️ Key Events This Week:

- November #CPI Inflation data - Tuesday
- #OPEC Monthly Report - Wednesday
- November #PPI Inflation data - Wednesday
- #Fed Rate Decision and Statement - Wednesday
- #RetailSales data - Thursday