It’s looking like this week will start the same way the last one ended, with futures indicating there will be losses at the start of trading in New York as recession fears persist.
Clothing rental has become more mainstream over the last decade with the rise of the sharing economy, but the COVID-19 pandemic wasn’t kind to these types of retailers.
The U.S. Federal Reserve’s aggressive rate hike strategy in reaction to near-term data is like “catching a falling knife,” said Beata Caranci, chief economist and senior vice president of TD Bank.
Statistics Canada says retail sales fell 2.5 per cent to $61.3 billion in July, the first drop in seven months as sales at gasoline stations and clothing stores decreased.
Other than the U.S. dollar and world bond yields, it’s hard to find anything that’s trading higher this morning. U.S. futures are suggesting it will be another weak open in New York after three straight days of losses.
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