S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketUBS economist Paul Donovan expects US December retail sales to highlight resilient consumer spending, noting that the roughly 0.8% GDP cost of tariffs has been absorbed through lower savings rates. Combined with rising nominal incomes, this should allow US consumer spending to continue, while import and export price data are seen as less central now that tariff pass-through is better understood.
US retail sales and tariff impact
“US December retail sales data should show the consumer defiantly spending.”
“The roughly 0.8% GDP cost of tariffs has been met by consumers cutting monthly savings rates.”
“That, combined with rising nominal incomes, should allow consumer spending to continue.”
“US import and export prices are due, but these are less of a focus now the narrative about tariff cost pass through has become clear.”
