Here are the five things you need to know this morning.
I used to go out of my way at the mall to avoid Abercrombie & Fitch. As a scrawny and insecure teenager, the images of those all-American teens left me feeling like I was on the wrong side of puberty. The company has undergone a dramatic change and it is clearly resonating. Amidst the wreckage in retail this week, Abercrombie shares are surging after earnings beat, sales grew double digits and the company boosted its full-year outlook.
Thomas Lee at Fundstrat says that when you see equities sell off into Jackson Hole, six of seven times they have been higher a week later.Canadian retail sales rose more than expected in June with the flash estimate for July suggesting a rebound in activity. Before you get too excited about the resilient Canadian consumer, most of the spending was on autos. When you factor that out, retail sales fell 0.8 per cent, which was worse than expected and the worst decline since February.
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