This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeindex shed 0.1% amid mixed economic news. In the U.K., average earnings excluding bonuses grew 7.8% year on year, the first time since January that the pace has slowed. In Germany, economic sentiment in October improved more than expected.from the Commerce Department.
Consumers spent much more last month than economist had expected, which"puts us on track for a strong GDP number later this month," said David Russell of TradeStation, an online trading and brokerage firm. Following the retail report, Goldman Sachs boosted its forecast for third-quarter gross domestic product by 0.3 percentage points to 4%. That'd be the highest quarterly growth since the last quarter of 2021.
A growing economy, in turn, is good news for corporate earnings and stocks. In the same note, UBS said"the profits recession is over," meaning that earnings per share for S&P 500 companies should grow starting from the third quarter. Concurring, Russell said"it also gives the Fed zero reason to loosen policy, which keeps the 10-year Treasury yield pushing toward 5%."
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