The US retail sales are out!
US Core monthly retails sales will be announced on Friday at 15:30 MT time.
American October wholesale inventories surge
In October, American wholesale inventories rallied a bit more than initially anticipated because sales went down, dropping a hint that inventory investment could potentially contribute to economic surge in the fourth quarter.
On Friday, the Commerce Department told that wholesale inventories inched up by up to 0.8% instead of soaring by nearly 0.7% as posted in September. Additionally, in September, stocks at wholesalers managed to add nearly 0.7%.
In October, they managed to surge by up to 6.9% year-on-year.
By the way, the component of wholesale inventories going into the calculation of gross domestic product surge managed to head north by up to 0.5% in October. In the third quarter, inventories bounced off after being suppressed in the April-June period.
As a matter of fact, inventories tacked on by up to 2.27% to the third quarter's 3.5% annualized surge rate. Taking into account firm domestic demand, American businesses will most probably keep boosting stocks of goods that in turn should back output at factories and back economic surge in the fourth quarter.
Besides this, in October, wholesale car inventories managed to inch up by up to 3.4% having rallied by 2.5% in September. Moreover, machinery inventories tacked on by nearly 2.1% having jumped by 1.4% in September. In October, shares of farm products went down by 2.7% having slumped by 4.7% in the prior month.
Moreover, petroleum inventories went down by 8.9% having surged by 5.7% in September.
In October, sales at wholesalers went down by 0.2% having ascended by up to 0.1% in September. Moreover, there were dives in sales of cars, hardware, and furniture.
Some financial experts are assured that at October's sales tempo, it would take wholesalers up to 1.28 months to totally clear shelves, in contrast with 1.27 months in September.
Similar
Will sentiment remain risk-on on Monday?
Riskier assets and gold ended last week with huge gains due to the weak US dollar’s performance. Let’s discuss what will drive the markets today.
JPM, BAC, CITI: three destinies
Banks are reporting next week: JPMorgan and Citigroup on Tuesday (15:30 MT and 17:00 respectively), and Bank of America on Wednesday (15:30 MT). What do we have in store?
Latest news
CAD is in focus
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
Start the week with fresh analytics!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
Uncertainty underpinned USD
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
Deposit with your local payment systems
