13 October 2023,01:11
Weekly Outlook
13 October 2023, 01:11
In August, U.S. retail sales surpassed expectations due to a surge in gasoline prices, which boosted service station receipts. The rising gas prices are impacting the economy and could dampen shoppers’ momentum as holiday shopping season approaches.
Economists anticipated a CPI increase to 7.0% from July’s 6.8% due to higher fuel prices and a tax hike on alcoholic drinks. However, the unexpected 6.7% figure surprised the market. The BoE previously forecasted inflation reaching 7.1% before a notable drop to about 5% in October, still well above its 2% target.
In an unexpected turn, the latest U.S. existing home sales dropped from 4.07m to 4.04m. The housing market had exhibited signs of stabilization after the Federal Reserve’s aggressive monetary policy tightening, but it now appears to be facing challenges. Homebuilder confidence decreased, and there was a drop in housing starts during August as well.
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