{"id":1440845,"date":"2023-11-27T21:00:00","date_gmt":"2023-11-28T02:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1440845"},"modified":"2023-11-27T21:00:00","modified_gmt":"2023-11-28T02:00:00","slug":"bonds-bullion-shrug-off-black-friday-blues-banks-builders-bruised","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bonds-bullion-shrug-off-black-friday-blues-banks-builders-bruised\/1440845\/","title":{"rendered":"Bonds & Bullion Shrug Off Black Friday Blues; Banks & Builders Bruised"},"content":{"rendered":"

Bonds & Bullion Shrug Off Black Friday Blues; Banks & Builders Bruised<\/span><\/p>\n

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Ugly home sales data<\/strong> and a dismal dip back into contraction for Texas manufacturing production<\/strong> continued the trend of disappointing macro data…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Black Friday was ‘mixed’ according to reports.<\/strong><\/p>\n

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No one really knows how the American consumer did over the weekend – choose your own adventure:<\/strong><\/p>\n

HOT <\/strong>– Black Friday e-commerce spending popped 7.5% from a year earlier<\/strong>, reaching a record $9.8 billion in the U.S., according to an Adobe Analytics report.<\/p>\n

COLD <\/strong>– Morgan Stanley analyst Alex Straton’s Black Friday store checks pointed to ~flat to down Y\/Y traffic <\/strong>across Softlines Retail\/Brands. Goldman Sachs analyst Kate McShane visited various retailers on Black Friday, noting that overall traffic still appeared muted relative to 2019 <\/strong>at most “traditional” Black Friday weekend destinations<\/p>\n

JUST RIGHT?<\/strong> – Mastercard Spendingpulse said on Saturday that U.S. retail sales on Black Friday rose 2.5% year-over-year<\/strong><\/p>\n

Mickey Drexler summed it all up best: Black Friday is a “race to the bottom,”<\/strong> that trains consumers to always expect discounts –\u00a0 significantly cutting into retailers’ margins<\/p>\n

One look at bonds today suggests that Morgan Stanley and Goldman Sachs may be on to something as yields tumbled (with the long-end outperforming today: 30Y -7bps, 2Y -4bps<\/strong>), erasing much of Friday’s thin liquidity rise in yields…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Nasdaq outperformed on the day but none of the majors were able to hold gains from the 1300ET close on Friday.<\/strong> Small Caps were the biggest loser…<\/p>\n

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VIX ended higher on the day with a 12-handle close for the 2nd day in a row…<\/p>\n

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Homebuilders dumped<\/strong> on the ugly housing data reality-check. But, of course, the BTFD crowd stepped in because rates were falling…<\/p>\n

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Bank stocks were sold today…<\/strong><\/p>\n

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…perhaps as reality hits about the sudden recent re-accleration in demand for funds from The Fed’s emergency bank bailout plan<\/strong>…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

The dollar extended its recent trend lower…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

And as the dollar dropped, spot gold prices accelerated higher, breaking back above $2000 to its highest since May…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Oil prices trod water today with WTI hovering around $75…<\/p>\n

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Gold’s gain was crypto’s loss today as Bitcoin slipped back to $37,000<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Finally, financial conditions continue to loosen dramatically…<\/strong><\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Will Powell use his speech this week to walk back this dovish overhang and re-engage the ‘FCI Loop’?<\/p>\n

Global liquidity suggests S&P’s fair value is “lower”…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Which will it hit first – 5,000 or 3,600?<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 11\/27\/2023 – 16:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/bonds-big-tech-bullion-shrug-black-friday-blues-banks-builders-bruised<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bonds & Bullion Shrug Off Black Friday Blues; Banks & Builders Bruised Ugly home sales data and a dismal dip back into contraction for Texas…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1440845","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1440845"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440845\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1440845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1440845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1440845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}