PREVIOUS TRADING DAY EVENTS 20 Oct 2023

Change in Retail sales figures for the U.K. was reported way more negative than expected, 0.90. Retailers reported that the fall over the month was because of continuing cost of living pressures.

Retail sales volumes were 1.4 lower than a year earlier, the ONS said, compared with economists forecasts for a 1.2 decline. That was the smallest such fall since March 2022.

On Thursday, The BoE halted its increase in borrowing costs, saying it saw signs of an economic slowdown.

Source httpswww.reuters.comworldukbritishretailsalesriseby04august20230922

Canadian retail sales fell by 0.1 in August from July. Core retail sales figures actually increased by 0.1. Analysts were expecting a 0.3 decline from July instead. Growth in Canada has remained halted.

The soft report is yet one more reason to expect the Bank of Canada to keep policy rates on hold, BMO Capital Markets economist Shelly Kaushik said in a note.

Desjardins analyst Tiago Figueiredo The cool pace of sales growth in September also suggests a weak handoff for the fourth quarter this data reaffirms our view that the Bank of Canada is done hiking rates, he said.

Source httpswww.reuters.commarketscanadaaugustretailsalesdown01boostexpectationsratepause20231020

Winners and Losers

Metals reached over 2.5 last week. Silver in the lead with 2.86 and Gold with 2.5 gains. Gold remains on the top of the winners list for the month so far with 7.18 gains.

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