Is The Consumer Carrying The Economy?

Good morning. US stock futures dipped in Tuesday morning trading as investors awaited data on US housing prices and consumer confidence.

🛍️ Cyber Monday draws billions in sales

📝 Our report: After the Thanksgiving shopping spree weekend, bargain hunters are estimated to have splurged up to a whopping $12 billion to $12.4 billion on Cyber Monday according to Adobe Analytics. It's like the digital shopping Olympics, where beauty products, electronics, toys, and apparel are the star athletes competing for the title of the most shopped categories!  

 🔑 Key points:

• Heavy online traffic and transactions are expected to lead to a boost in sales by U.S. shoppers of 5.4% or more, according to Adobe.

• Retailers cut prices of up to 30% on electronics, and 19% on furniture.

• Consumers are also increasingly opting for the 'Buy Now Pay Later' (BNPL) feature. BNPL usage was expected to hit a record high on Cyber Monday, with its contribution to online spend surging nearly 19% to $782 million, Adobe predicted.

💡 So what: Cyber Monday has become a crucial day in the retail calendar, marking one of the biggest online shopping events of the year. It follows the Thanksgiving weekend, including Black Friday, and has gained significance as consumers flock to online platforms to take advantage of exclusive deals and discounts.

Tuesday - Consumer Confidence, Chicago Fed President Goolsbee Speaks

Wednesday - US GDP, Fed Beige Book

Thursday - New York Fed President Williams Speaks, Initial Jobless Claims (wk end Nov 24)

Friday - Fed Chair Jerome Powell Speaks

 📈 Warren Buffett shares his timeless investing principles!

🏡 These are the mortgage questions to ask before buying a house!

✈️ US airports see record passenger volumes over Thanksgiving period

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📊 Fashion retailer looks toward public market

WHAT: Shein, the fast-fashion sensation, has sneakily filed for an IPO with U.S. regulators, ready to strut its stuff on the stock market runway in 2024! The online retailer, which was founded in China but is now headquartered in Singapore, is reportedly working with Goldman Sachs, JPMorgan Chase and Morgan Stanley on the listing.

WHY: Shein has become popular thanks to its trendy clothing at ultra-low prices. The company has been hoping for a valuation of as much as $90 billion in a US IPO, Bloomberg News reported earlier this month. Shein’s estimated sales now far surpass Zara and H&M in the US fast-fashion market.

💰 Australia makes changes to regulate big tech payment services

WHAT: Australia has decided to corral digital payment services like Apple Pay and Google Pay, putting them in the same regulatory pen as credit cards and other payment methods. The updated laws, first flagged last month, will broaden the legislation that empowers the Reserve Bank of Australia to regulate payments so that it applies to new and emerging technology.

WHY: Regulators are responding to the rapid growth of digital wallets, especially among the young. Transactions from a digital wallet hit 35% of all card transactions in the June quarter, up from 10% in early 2020.

⛽ Saudis push OPEC+ for oil output cuts

WHAT: In the latest episode of the OPEC+ soap opera, Saudi Arabia is trying to convince its fellow oil-producing buddies to trim their output quotas. The OPEC+ leader has been making a largely unilateral supply cutback of 1 million barrels a day since July, and is now seeking further support from across the Organization of Petroleum Exporting Countries and its partners.

WHY: The 23-nation OPEC+ alliance faces pressure to intervene in crude markets, following a 17% drop in prices over the past two months amid plentiful supplies and a darkening economic backdrop.

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