Strong auto sales hide slowing Canadian disretionary spending ...Middle East

Canada retail salesFriday's Canadian retail sales report for September far-surpassed expectations at +0.6% compared to a flat reading expected. In addition, the advance reading for October was +0.8% in a sign of even-more strength.CIBC highlights a contrast in consumer spending patterns in the report. While auto sales surged, there was a noticeable dip in discretionary spending in areas like clothing, sporting goods, and furniture. The latter could reflect the ongoing correction in house prices and a slowdown in home sales."The September print suggests that overall GDP in that month will have looked slightly better than the advance estimate, at 0.1% m/m," CIBC writes. "And while the underlyi

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