US reporting season begun this week, and perhaps the most significant headlines were generated by the disappointment surrounding Wal-Mart (WMT).
WMT fell over 10% this week after the company pointed to forward earnings falling between 6% and 12% – well below expectations. It seems WMT is the latest bricks and mortar retailer to suffer the effects of increased customer attrition to online shopping sites such as Amazon.com.
Economic data in the US continued to underwhelm on the manufacturing front, whilst consumers remained upbeat.
In China, stocks rebounded strongly ahead of the Communist Party meeting in the coming week, but there was little in the September economic data to suggest a change in the ongoing industrial malaise.
Little else of real value to note here.