Retail Stocks Dragged Down Wall Street Yesterday

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Retail stocks dragged down wall street yesterday after the big us. Retailer, war mart, issued its second profit warning in ten weeks. Consumer confidence fell for the third month in a row because of higher fuel and food prices. The one bright spot atat is that this might make the feds job a little easier if it signals that the demand that's been part of driving up prices may actually be starting to cool.

Walmart profit warnings shine a light on disparities in US consumer behaviour, the International Monetary Fund slashes its global growth forecast, and Argentines are scrambling to exchange their pesos for dollars on the black market.

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Mentioned in this podcast:

Credit Suisse set to name Ulrich Körner as chief executive

Walmart issues profit warning as soaring inflation hits customers

US consumers are bending but not breaking as prices soar. Can it last?

Argentines turn to black market dollars as crisis worsens

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

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