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Not Commodity
Sean H. & Jocelin A.
August 12, 2024 • Estimated Reading Time: 9 minutes
TLDR
MARKET RECAP → Stocks fluctuated on Monday but managed to sustain the momentum from late last week as investors prepared for key inflation data.
COMMODITY PRICES: A HARBINGER OF ECONOMIC TROUBLE→ 🔻 Falling commodity prices signaled global economic woes, inflation fears, and geopolitical risks, especially in energy and metals sectors, pointing to a shaky 2024 outlook.
MACY'S SHIFTS FOCUS: MALL MAKEOVER → 🏬 Macy’s (M) closed 150 stores to pivot towards luxury brands and smaller formats, aiming to boost sales and adapt to modern shopping trends.
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TODAY’S TOP NEWS
Commodity Prices: A Harbinger of Economic Trouble
🔻 Commodities Falling: Commodities, including oil and copper, continued their downward trend, dropping below already pessimistic forecasts for the end of 2024. This fall suggested weaker global demand and raised concerns about the health of the global economy.
💡 Inflation and Geopolitical Tensions: Despite easing inflation pressures, commodities like gold surged due to safe-haven demand driven by geopolitical risks, particularly in the Middle East. Energy prices faced upward pressure from potential conflicts, adding to the inflationary concerns.
📉 Metals and Agriculture: Metals prices remained under pressure due to weak demand from China, while agricultural commodities experienced price declines. However, supply constraints and geopolitical risks posed potential threats to future stability in these sectors.
TODAY’S TOP NEWS
Macy's Shifts Focus: Mall Makeover
🏬 Big Plans, Bigger Changes: Macy’s decided to close 150 underperforming stores by 2026, focusing on luxury brands like Bloomingdale's and Bluemercury. These closures represented about 25% of Macy’s total space but only 10% of its sales.
💎 Luxury and Smaller Formats: The new strategy included opening 15 new Bloomingdale’s and over 30 Bluemercury stores while doubling the number of small-format Macy’s stores outside traditional malls. This was part of a broader effort to cater to changing consumer preferences and enhance shopping experiences.
📉 Facing the Future: Under new CEO Tony Spring, Macy’s aimed to reinvigorate its brand amid challenges like activist investor pressure and declining mall traffic. The company expected these moves to streamline operations, boost profitability, and meet modern shoppers' demands.
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U.S. crude oil rallies 3%, tops $79 per barrel as Pentagon sends more forces to Middle East (CNBC)
Three-year inflation outlook hits record low in New York Fed consumer survey (CNBC)
Starbucks and activist Elliott met last week to discuss settlement (CNBC)
GM reveals redesigned GMC Terrain as brand’s entry-level model (CNBC)
The era of freeloading is officially over (CNN)
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