The CEOs of Goldman Sachs and Morgan Stanley are among U.S. financial industry leaders warning that the country’s equity markets are increasingly likely to see a sharp correction.
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BUILDERS UNABLE TO SELL NEW HOUSES WITH 4-PERCENT MORTGAGES
Mortgage rates as low as 4 percent are still not motivating enough buyers to commit to home ownership, indicating the American housing market has more troubles than just too-high interest rates, The Wall Street Journal reported.
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RETAIL HOLIDAY HIRING IS THE LEAST SINCE THE GREAT RECESSION
Retailers will hire 265,000 to 365,000 seasonal workers this holiday season, the fewest since at least 2010, according to the National Retail Federation (NRF). Last year, stores took on 422,000 temps as holiday help.
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U.S. BANKRUPTCIES GREW BY DOUBLE DIGITS IN OCTOBER
Last month, households and businesses filed 54,019 bankruptcy claims, up 12 percent year on year and 8 percent from September, according to Epiq, a leading bankruptcy tracking service.
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U.S. JOBS MARKET: LAYOFFS OUTPACE HIRING
The number of workers U.S. employers plan to lay off shot up to 153,704 in October, a 183-percent surge from September and 175 percent more than a year earlier, outplacement firm Challenger, Gray & Christmas reported.
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U.S. HOUSEHOLD DEBT RISES TO A RECORD $18.4 TRILLION
Debts owed by American households climbed to $18.4 trillion in the third quarter, the most ever, according to the Federal Reserve Bank of New York. Student debt also set a record at $1.65 trillion.
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RUTTE WARNS THAT NATO MUST PREPARE FOR A LONG-TERM CONFRONTATION WITH RUSSIA
Mark Rutte, the head of NATO, told a conference in Bucharest last week that the collective West needs to be prepared for a long-term confrontation with Russia and other countries that are not compliant with the current rules-based order that is dictated by Washington and Brussels.
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AS FORECAST: UKRAINE FORCED TO CUT POWER AS RUSSIA INTENSIFIES STRIKES ON ENERGY INFRASTRUCTURE
Ukraine’s state electricity transmission company announced Sunday that Russian attacks on energy infrastructure have left power-generating capacity inside the country at zero, and it was compelled to cut off power across most areas inside the country for up to 16 hours.
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ARAB STATES CONCERNED ABOUT TRUMP’S PLAN FOR A ‘NEW GAZA’ THAT WILL ESSENTIALLY CUT ENCLAVE IN HALF
Arab countries are growing more concerned about the U.S.-Israeli idea of essentially cutting Gaza in half to form a “New Gaza” in the enclave’s east, where IDF troops have been stationed behind a Yellow Line, while Palestinians continue to live in the western part of the enclave.
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YOUNG AMERICANS GETTING PINCHED IN THE JOB MARKET
The Wall Street Journal ran an article last week titled, “The Kids Aren’t Alright” that highlights the struggles that young Americans have had with their employment, from workers at chains like Starbucks and Chipotle to those who work tech jobs that have also dealt with widespread layoffs and job uncertainties—compounded by the risk from AI.