DC Lite #5

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1. Holiday season foreshadowing. "Adding up new jobs created in the BLS-defined holiday season retail sectors in the latest employment report shows that retailers expect a weaker holiday season."

2. Semis inventory. "Semiconductors inventory is at its highest levels since 2001."

3. Delinquencies (II). "The share of newly delinquent credit card users rose in the third quarter and exceeds the pre-pandemic average."

4. CTAs vs. global equities. CTAs have $142bn to buy in global equities over the next month, the most in GS data.

5. Factor performance. "The USA quality factor has broken away from the factor pack...High interest coverage/strong balance sheets can help relative returns when borrowing costs rise/global growth slows."