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The Morning View: November 15, 2019

Senior Vice President / Portfolio Manager

In this morning’s data, Retail Sales for October rose 0.3% slightly higher than the 0.2% expected. Strength was seen in autos and non-store retailers. The Control Group, which excludes sales for food, autos, building materials and gas stations, also rose 0.3% in October, matching forecasts. However, the control group for the previous month was revised lower to -0.1%. Overall, even with the previous month revised lower, consumers continue to carry the load for the economy as the manufacturing sector and business investment have waned in recent months. Uncertainties surrounding trade negotiations, impeachment hearings, the upcoming election, and “Brexit” will likely continue to weigh on the minds of business leaders in the months ahead. As a result, the  consumer will remain in focus, especially as we head into the holiday season. In all, bond yields have ticked slightly lower following the report and equity futures are higher heading into the market open.

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.