Americans are still buying up a storm
By Paul R. La Monica and Julia Horowitz • Sunday, November 14 Good morning. In this week's look ahead: It's a big week for retail earnings. Plus, a preview of the virtual summit between Washington and Beijing, and your weekend reads.
▸ Forwarded this newsletter? Want global markets news and analysis from CNN Business reporters every morning? You can sign up here. EARNINGS MONITOR Americans are still buying up a storm Consumer spending continues to power the US economy. Whether it's to buy a new house or just a Squid Game plush toy from Amazon, people still seem willing to shell out their hard earned cash for stuff.
Hasbro's finance chief Deborah Thomas said a few weeks ago that she felt the worst of the logistics issues were over and that the toymaker should have plenty of new products on retailers' shelves in time for the December sales rush.
EYE ON CHINA A summit between the world's top economies President Joe Biden's highly anticipated virtual summit with Chinese President Xi Jinping will take place on Monday.
On the agenda: The talks come at a time of heightened tensions over Taiwan, trade and human rights. At the same time, the United States and China just unveiled a surprise pact on climate, underscoring some areas of cooperation.
For investors, discussions between the world's two largest economies are always worth watching. The meeting will be Biden's first with Xi since he became president in January.
There will be plenty to talk about. While the Biden administration recently reached an agreement with the European Union to ease Trump-era sanctions on aluminum and steel, criticism of China's trade practices and subsidies for domestic businesses has persisted.
US Trade Representative Katherine Tai said last week that progress was being made in talks with China to hold the country accountable for promises made in the "Phase 1" trade deal President Donald Trump signed in January 2020.
The global energy crisis and supply chain disruptions could also feature in discussions. And then there's the weakness in China's property sector, which rattled American investors earlier this fall.
In a recent report, the Federal Reserve warned that "financial stresses in China ... could further strain global financial markets and negatively affect the United States." The Fed pointed specifically to the crisis at Evergrande, China's most indebted developer. UP NEXT Monday: China industrial production and retail sales; Japan GDP; Tyson Foods, Oatly, Casper Sleep, Lucid earnings
WHAT WE'RE READING AND WATCHING ▸ A record number of Americans are quitting their jobs (CNN Business)
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