That Moment

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Occasionally, there is that one event, that one thing, that one moment at the party when a little voice in your head softly says, "Yeah, it's probably time to go home." Maybe it is the off-color remark of your friend who's been drinking cosmos since four in the afternoon. Perhaps its the muffled sound of vomiting emanating from the bathroom door. Or the overheard whisper "I'm not sharing with him. Who ever heard of a 'third of a gram' anyhow."
Well, for those of us drifting around in the wee hours watching futures markets, that moment was the release of U.S. retail numbers.

September's drop, the largest since August 2005, extended declines in retail sales to three consecutive months, the first time that's happened since comparable records began in 1992.
Sales are slowing just as merchants prepare for the holiday selling season, which may account for as much as 35 percent of a retailer's revenue.

Futures, which had enjoyed sloppy gains after Tokyo rallied into nicely positive territory in the last hour of trading (who the hell knows what they were thinking) slid into the pit of despair. Yeah, so that bailout probably isn't going to be enough on its own. Now that the market has opened lower, we all probably have to settle in for some sideways action for the next week or so.
U.S. Retail Sales Slump 1.2%, Most in Three Years [Bloomberg]

Related

Barclays' (Now Former) Head Of FX Strategy In Asia Has A Moment

Have you ever had construction going on nearby your home? Was it loud? Annoying? Did keep it keep you up in the middle of the night? Did you seriously consider opening your window and screaming "Hey! Shut the hell up down there!" or even confronting the people making all that racket face to face? Olivier Desbarres can relate. Or at least he can half relate. Because while most of you were probably talked out of making some sort of scene, either by your significant other or your own impulse control, on October 20th Desbarres decided to go in another direction, the one that involved introducing himself to the construction workers building a house near his own by screaming "I'm gonna go after you, I will haunt you, I'm gonna burn your fucking house down, I will find your fucking family," a task he noted would be fairly simple and straightforward ("I can find [them] very easily," he explained, "I'm a man with resources"), in case there were doubts (a fairly reasonable concern, as there are a lot of people in Singapore and how were these guys supposed to know he had an army of Barclays researchers at his disposal?). Still worried that the group wasn't taking his threats seriously on account of the casual look he was sporting that morning-- shorts and sandals-- Desbarres then picked up some sheet metal and launched it in their direction, presumably to demonstrate he meant business.* Although that would have been a good time to make his exit, at that point Desbarres noticed that one of the men had been recording him without his consent, leading to: “You’re filming me? You think that’s good? Put your fucking phone down because I’m going to wait for you to come out and take that phone and shove it up your fucking ass.” According to one local publication, this whole thing started because the construction crew began working at 8:45am one day in October instead of 9am, the time Desbarres preferred. In related news, according to a person familiar with Barclays' policies concerning construction site meltdowns, "We consider such behavior and language unacceptable. It does not meet the high standard of conduct that we expect of our employees." Desbarres, who is no longer with the bank, has not yet returned Dealbreaker's call for comment.** Foul-mouth foreigner threatens workers and warns he will hunt down their families [Stomp] Barlcays Far Too Candid Camera [Sunday Times via Ian Fraser] Barclays Capital Appoints Olivier Desbarres as Head of FX Strategy, Asia-Pacific Ex-Japan [BarCap] Related (re: Barclays employees losing their shit in public): Barclays Global Head of Investment Banking Writes Tear-Stained Letter To Son’s School, Demands Teacher’s Firing For Trash Talking Barclays, Making Son Cry *Insane ranting + shorts + sandals can leave room for interpretation re: is this guy serious or not; insane ranting + shorts + sandals + grabbing whatever shit from a construction site is within arm's reach and throwing at people is generally-- though not always!-- pretty clear. **Possibly because we called in the middle of the night local time and he is on his way to New York to throw a piece of sheetrock at us; you know how he gets when his sleep is interrupted.