- Alex Pettee, CFA
Weekly Outlook: Real Estate Powers Stocks To Records
US equity markets climbed for the sixth consecutive week on cooler-than-expected inflation data, hints of progress on the China/US trade dispute, and "dovish" remarks from the Fed.
Goldilocks is back? Coming off its worst week of 2019, commercial and residential real estate equities led the way this week as the 10-year yield retreated from four-month-highs.
While many analysts had expected a tariff-related uptick in inflation, the effects of Chinese currency depreciation and a general slowdown in global economic activity have kept inflationary pressures muted.
Retail sales rose faster-than-expected in October, driven primarily by higher gasoline prices, auto sales, and e-commerce. Brick and mortar categories, however, were weak as store closings continue to mount.
Ahead of a jam-packed week of housing data, the Housing Index climbed on strong earnings from D.R. Horton and gains from Restoration Hardware after Buffett's Berkshire Hathaway revealed a stake.
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