Retail Sales Beat Estimates, Bank Earnings, Greenland, More
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What is the main topic discussed in this episode?
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moskow.
And I'm Nathan Hager. Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S. Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations.
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News when you want it with Bloomberg News Now. I'm Karen Moscow and we have breaking economic news crossing the Bloomberg. U.S. retail sales rose in November by more than forecast, fueled by a rebound in auto purchases and resilient holiday shopping. Begin more with Bloomberg's Michael McKee.
Retail sales coming in up six tenths of a percent after being flat. That's the headline flat in the month of October. These are November numbers. So we're behind, remember, because of the government shutdown. X autos up half a percent after four tenths gain and X autos and gas up four tenths as well. The control group, which is what we really care about, up four tenths of a percent. That's up. That's down from a six tenths gain revised lower for the month of October.
And that's Bloomberg's Michael McKee. U.S. wholesale inflation picked up slightly in November from a month earlier on a jump in energy costs. The producer price index rose 0.2 percent after climbing 0.1 percent in the prior month. The report, which included the first estimate of October wholesale price data, was delayed by the 43-day federal shutdown as well. We also got more bank earnings this morning. We heard from Citigroup. We get more with Bloomberg's Denny Berger.
The fourth quarter fixed sales and trading revenue is a beat. That comes in at $3.46 billion. The estimate was for $3.29 billion. That does come in light equity sales and trading revenue at just over one billion dollars. The estimate was for one point one billion dollars. We did have a warning from the CFO only a few months ago that the market's revenue would be in the low to mid single digits growth year over year. So maybe not a surprise that you do have a little bit of weakness there.
And that's Bloomberg's Danny Berger. Chief Executive Jane Frazier's bank posted an 84 percent surge in financial advisory fees in the fourth quarter, capping a year below. in which the firm's revenue from handling mergers rose by more than half to an all-time record. And Citigroup shares have been moving between gains and losses this morning.
How much did U.S. retail sales rise in November and what drove the gain?
They're now higher. Bank of America's traders posted a strong fourth quarter as the company reaped the benefits of volatile markets and net interest income topped analysts' estimates. And Wells Fargo missed analysts' profit estimates as severance costs drove up expenses. The company has been shrinking headcount for years in a bid to increase efficiency. Now to our other top stories and President Trump, who is not letting up on his attacks on Federal Reserve Chairman Jerome Powell. This is despite pushback from Republicans, Democrats, business leaders and central bankers around the world. We get more from Bloomberg's John Tucker. John.
Good morning, Karen. As he left the White House yesterday, the president said Powell is either incompetent or crooked. During an auto plant in Detroit, he blamed Powell for high prices.
If I had the help of the Fed, it would be easier. But that jerk will be gone soon.
Anybody pushing back on the probe of the Fed is also the target of the president, including JPMorgan CEO Jamie Dimon.
Yeah, I think it's fine what I'm doing. We have a bad Fed person. He was extended by Biden. And. Yeah, I think he's wrong. I think it's wrong. He's done a bad job. We should have lower rates. Jamie Dimon probably wants higher rates. Maybe he makes more money that way.
As for Republican Senator Tom Tillis, who vowed to oppose any Trump nominees to the Fed during this probe, the president said, quote, he's not going to be senator any longer because of views like that.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–2:36
2
How much did U.S. retail sales rise in November and what drove the gain?
2:36–4:27
3
What does the November 'control group' retail figure indicate about consumer spending?
4:27–5:01
4
How did producer prices change in November and why was the report delayed?
5:01–6:14
5
What did Citigroup and other banks report in their latest earnings?
6:14–6:48
6
How are bank trading revenues and advisory fees affecting major banks' results?
6:48–9:46
Speakers
10 identifiedMore from Bloomberg News Now
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