Consumer companies experienced a significant boost as the Federal Reserve adopted a more dovish stance, leading to a sharp decline in mortgage rates. This move resulted in the average 30-year mortgage rate dipping below 7%, marking the lowest rate seen in months. Furthermore, the yield on the benchmark 10-year Treasury note closed at its lowest level since July, indicating that there may be further decreases in mortgage rates on the horizon.
Anticipating a resurgence in activity within the U.S. property market, the SPDR S&P Homebuilders exchange-traded fund, a diverse basket of builders, witnessed a notable 5% increase. This upward trend offers hope for a fruitful holiday shopping season.
Positive News for Holiday Shopping Season
The Commerce Department announced on Thursday that retail sales saw a seasonally adjusted 0.3% increase in November compared to the previous month. These figures encompass spending at various establishments, including stores, restaurants, dealerships, and online platforms. The rise in retail sales bodes well for the upcoming holiday shopping season.
Italian Distiller Davide Campari-Milano in Talks to Acquire Courvoisier Cognac Owner
In an exclusive negotiation, Italian distiller Davide Campari-Milano has expressed interest in acquiring the owner of Courvoisier cognac, Beam Suntory. The potential deal is estimated to be valued at up to $1.32 billion.
Shareholder Urges Changes in Gildan Activewear’s Leadership
A significant and long-term shareholder in Gildan Activewear is urging the Canadian clothing maker to make key leadership changes. The shareholder seeks to replace the current chairman and reverse the recent decision to remove the CEO.
