Shop til you drop...and drop they did. Retail Sales for December decline a dismal 2.7% and far worse than expectations. Excluding the decline in auto sales, this is its biggest drop ever, falling 3.1%. This is the six consecutive month retail sales have fallen making it the longest decline on record. And it doesn't look any better for January. Stores have reported that sales continue to weaken this year. The declines are across the board with the exception of health and personal care.
In other news this morning, Deutsche Bank warns of huge fourth quarter loss of over $6 billion. Deutsche Bank, Germany's largest listed bank, cited "exceptional market conditions" as severely hurting sales and trading operations.
Yesterday Chase announced they will be pulling out of their broker wholesale lending operation.
It doesn't end there...Citi continues to make headlines as it appears they will be unloading several business units and look to reduce their size by one third.
The landscape continues to change.
This afternoon the Fed's Beige Book will be released and could be a market mover. The Beige Book informs members on changes in the economy since the previous meeting.
This morning, stocks took it on the chin and fell at the open. Bonds are improved from yesterday, however we know that choppy waters have become the new "norm." Each day brings more volatility as we continue the trend mostly sideways
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