Markets wavered Tuesday as investors digested September’s U.S. retail sales report and third-quarter earnings from banks.
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.
Narratives of a"soft landing" scenario, in which the U.S. economy subdues inflation without tipping into a recession, were reinforced by yesterday's economic data. The"economy is on track for a soft-ish landing following healthy consumer activity, cooling inflation, and solid growth," wrote UBS' chief investment office.
But the retail report isn't all roses. The hot spending data will come"to the Fed's dismay," said Gina Bolvin, president of Bolvin Wealth Management, because the central bank"won't like that higher rates are not deterring consumers from spending."
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