Market Update | OCT 04

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

October 04, 2023

01 “Vibecession”? Vibecession is a condition in which consumer confidence and other economic “vibes” decline so much that they threaten to become self-fulfilling prophecies and drag the economy down with them. Sentiments are known to drive markets.....consumers visit gas stations regularly, and pump prices have long been one of the most palpable ways they experience inflation. While high inflation is bad, high unemployment - the Fed's mission - is notably worse.

(Bloomberg)

02 Citicorp, which has a big overview of consumer spending, sees lower-end consumers shifting buying patterns to save money as their bank accounts dwindle in size. Some are seeing this in the middle as well, but the rich are just fine: I heard a client recently shifting from Beluga to Sevruga caviar....horrors!

(CNBC)

03 Luxury retailers have leased 650,000sf of new space in the U.S. over the past 12 months, up from roughly 250,000sf the prior year.

04 There could be 1 billion square feet of unused office space in the US by 2030.

(Cushman and Wakefield)

05 Your children are going to live to 100 and not have cancer because of A.I. technology. And literally they’ll probably be working 3,5 days a week. Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused: there are negatives.