Equity markets sold off yesterday as concerns raged about the end of loose money and good economic data. It could be good news for markets that Congress appears to have cut a budget deal through September that will provide a little certainty. (Reuters)
US small business sentiment improved in December, as firms were optimistic about future business conditions and earnings. The NFIB small business optimism index was up 1.4 points and has been on an upward trend for a year, but is still well below pre-recession levels.(National Federation of Independent Businesses)
It is bank day on Wall Street as earnings season heats up. JP Morgan Chase had a fourth quarter profit 7% lower than last year as it paid some huge legal costs. Top line revenue was down 1%. Wells Fargo saw profits grow 11% as they right size staffing in their mortgage departments. Revenue was essentially flat. (Reuters)
December retail sales up 0.2%, if you take out autos they were up 0.7%. Both good numbers. Inflation remains in check with import prices being flat and export prices rising 0.4%. (Associated Press)
You are dating yourself if you remember who Stan Smith was or if you remember his shoe, but a whole new generation will find out as Adidas is set to rerelease the iconic shoe tomorrow. The German company, with North American offices in Portland originally released the shoe in the 70’s and it is one of their best selling shoes of all time. Retro shoes are hot in the market right now.
(Portland Business Journal)