In today’s briefing:
- UK: Retail Mourns Funeral with Closures
UK: Retail Mourns Funeral with Closures
- The hangover from Prime Day deepened to mourning in September as the UK returned to something akin to lockdown with widespread closures for the Queen’s funeral.
- A worse crash cut another tenth from our Sep-22 GDP forecast to -0.4% m-o-m but leaves Q3 at -0.5% q-o-q in our below-consensus call. October should rebound more.
- Housing market pains may be the next blow to consumers after surging inflation and rates, as its sharp slowdown looks like a stalling that could easily roll into a crash.
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