Norse mythology was the inspiration behind the most expensive home sold in Los Angeles’s Encino neighborhood, which closed Wednesday for $18.4 million.
Dubbed Odin—after the Norse god—the spec mansion was designed by architect Eran Gispan with interiors by Jae Omar, founder of Jae Omar Design, and completed this year. Spanning 17,500 square feet, the Modern Farmhouse-style residence has Scandinavian influences and offers soaring ceilings, indoor-outdoor spaces and a neutral color palette that utilizes plenty of natural materials.
“The symbol of Odin, and all that it represents as the Norse god of strength and wisdom, underpins the materials and methods found throughout the property,” Omar said in a statement following the sale. “Materials were chosen and details were crafted to best represent the Scandinavian region and its history.”
The bowling alley.
Tyler Hogan
JVE Development was the seller, having purchased the underlying property for $3.89 in August 2020, according to records with PropertyShark. Mansion Global could not determine who bought the home, and records were not yet publicly available.
Part of Encino’s Royal Oaks community, the eight-bedroom, 12-bathroom residence is full of amenities, including a gourmet kitchen, a bowling alley, a glass-enclosed wine cellar and a curated library with more than 100-year-old mythology books, according to the listing with Sally Forster Jones of Compass and the Altman Brothers of Douglas Elliman.
“There is very much a story woven throughout the home, from each hand-cut, hand-laid stone tile, to every bookmatched slab, to generous floods of cedar,” Forster Jones said.
Outside, there’s a pool, sports court, a fire pit and an indoor-outdoor wellness area with a gym, massage area, plunge pool, steam room and sauna, the listing said. There’s also a one-bedroom guest house.
Aside from the whole Elon Musk/Tesla hoopla, there’s a reason why you should care about electric trucks: They’re going to be crucial to transitioning the US, and the world, to planet-friendlier electricity.
A truck, the Ford F-150, is the best selling car in the United States. Rule the electric pickup market, the logic goes, and you rule the future.
Plus, automakers love to make trucks. They have high margins and are more profitable than most other passenger vehicles. Their higher prices make it easier to “hide” the up-front costs of research, development, and, crucially, batteries than with a cheaper sedan or compact.
Last year, Fiat said its cute, dinky 500e electric hatchback would go on sale here at the beginning of 2024. We're not far from the calendar's big turn. Fiat's U.S. site opens with a banner telling us, "Get ready to revel in the details," December 5 being the day to unlock 500e specs and to "Take a closer look at all-electric Italian engineering." While we wait, Cars Direct did its usual, finding an early order guide with an MSRP for the 500e: $32,500, excluding destination. If that's the number that ends up on window stickers, the electric two-door would fall between the two trims of the single ICE four-door Fiat currently sells here, the $30,245 500X Pop Techy Traveler and the $33,275 500X Sport Sporty Socialite. All prices exclude the destination charge unless noted.
This MSRP also puts the 500e under all but four EVs on the market at the moment, the $28,140 Nissan Leaf, the $26,500 Chevrolet Bolt, and the $27,850 Bolt EUV, and the $30,900 Mini Cooper SE. In fact, $32,500 is less than the price of the bygone 500e; when it left the market in 2019, it cost $33,210. That's an ostensible difference of $710, however — and this might be the most frightening sentence we write all day — the U.S. Bureau of Labor Statistics CPI Inflation Calculator tells us that $33,210 in May 2019 is equivalent to $39,898.76 in October of this year.
We only have European specs to go on until December 5. In Italy, the 500e runs on a 42-kWh battery powering a single motor on the front axle capable of 117 horsepower but restricted to a maximum power rating of 94. Range on the WLTP cycle is 199 miles. Our EPA-rated range will be lower, although it should handily beat the 84-mile estimated range of the old car. Cars Direct said the order guide indicated units for our market would get cloth bucket seats with red accents and a 10.25-inch Uconnect screen with navigation standard, and ride on 17-inch aluminum wheels wearing 205/45R17 all-season tires.
The main question will be whether the 500e can be successful sales-wise a fashion item on its second go-round, having failed to be on its first. Admittedly, the old car was only sold in a tiny number of states, which could be the case again. As for competition, the Mini Cooper EV's price will rise when the new-gen electric Cooper SE comes through. The four-door 2023 Kona Electric starts at $33,550, makes 201 hp and is rated to go 258 miles on a charge. Its price is also likely to rise some when the redesigned version debuts soon. The Chevrolet Bolt twins are headed for the door, but the coming Chevrolet Equinox EV is expected to start at $34,995 including destination and offer a 300-mile range. The Chevy also qualifies for the full $7,500 tax credit, a benefit we're not sure the 500e will claim. And then there's the elephant at the charging station, the $38,990 Tesla Model 3, another tax credit candidate.
Full disclosure, we've already gone on record calling the 500e "pretty great" and saying Fiat should bring the model here, and in our First Drive, we wrote, "there’s a subset of the population that will welcome the 500e as the perfect car." We hope it succeeds. Stay tuned for December 5 when Fiat fills in some blanks and gives us an idea of how big that subset might be.
Makers of some popular food brands have raised prices by more than their costs over the past two years, according to the UK's competition watchdog.
This has helped push up the price shoppers pay for baby formula, baked beans and pet food, the Competition & Markets Authority (CMA) said.
About three quarters of branded suppliers have been making more profit on individual products.
But food firms said they had done all they could to absorb higher costs.
The findings are part of an analysis of pricing in 10 categories, which also includes milk, poultry, mayonnaise, baked beans, chilled desserts, ready meals, and lemonade.
High food price inflation has mainly been driven by rising energy and fertiliser costs, the CMA said.
But makers of most branded food items in the 10 categories have been putting prices up by more than their costs and "in doing so, have contributed to higher food price inflation", it added.
As a result shoppers have increasingly turned to own-label products, meaning branded products have lost market share, and so have actually been making less money overall.
Market concerns
But in the case of baby formula there are not many alternatives, and prices have risen by a quarter over the past two years. Profits on these products have been high.
New parents could make significant savings of £500 in the first year of a baby's life on baby formula by shopping around, the CMA added.
Cheaper formula still needs to follow rules on providing the nutrients babies need, it said.
But the market is dominated by two big players - Danone and Nestle - and there is little evidence of parents switching to cheaper alternatives.
"We're concerned that parents may not always have the right information to make informed choices and that suppliers may not have strong incentives to offer infant formula at competitive prices," said Sarah Cardell, chief executive of the CMA.
She added that the pace of food price rises, which was running at more than 10% in October, "has put huge strain on household budgets".
Pauline Cox, a nutritionist and author, said there was "very little difference" between branded and unbranded baby products in terms of their nutritional value for babies because UK rules are so strict.
However, if parents have any concerns about which type of formula is right for their baby, they should consult a doctor, she said.
Gemma Maxwell
Gemma Maxwell, 31, from Glasgow, gave her son Finlay the bigger brands of formula, but says she will now shop around for her new born
Gemma Maxwell, 31, from Glasgow, is the mother of 3-year-old Finlay and a very recent newborn baby.
She said "in the past because I saw people using bigger brands I thought they must be more beneficial for your baby".
New parents may hesitate to shop around for brands because the less well-known products are not marketed as widely, she said.
However, Ms Maxwell said she has friends that use discount baby formula brands.
"When we looked at the nutritional value of both formulas, they are the same," she said.
She says she will now shop around for different formulas, especially in the current cost-of-living crisis.
Diane Philips
Diane Phillips said she will probably stick to the bigger brands
However, Diane Phillips, 30, from Cauldon Lowe in Staffordshire, said she will probably stick to the bigger brands.
"I would be most comfortable with the brands that are more reputable" she said, adding that branding definitely plays a part when choosing the right formula.
However, she said she would consider other, less well-known brands if she was convinced the nutritional value was the same.
Industry group the British Retail Consortium said families could make "significant savings by switching to cheaper brands or own-label products, all of which provide the necessary nutrition for a healthy baby".
Price rises
Danone, which makes Aptamil and Cow & Gate, has more than 70% of the UK baby formula market.
It said that during a period of high inflation "we have worked very hard to absorb the significant cost increases we have faced, make savings, and minimise any price increases".
Danone sells "a range of formula milk products at different prices" and has "launched new larger, better value formats", a spokesperson said, adding that the "formula milk market is competitive".
The firm will "continue to engage with the CMA over the coming months", it said.
Nestle, which has 14% of the market with SMA and Little Steps, said it welcomed the review of the industry by the CMA.
"This is a complex and serious issue and we are open to all constructive dialogue to help parents in the most effective way possible," a Nestle spokesperson said.
"We have been working to cut our costs wherever possible and only increase prices as a last resort."
Industry group the Food and Drink Federation said manufacturers had absorbed costs to try to shield consumers from higher prices.
"However, with inflation hitting a 40-year high earlier this year, some price rises have been unavoidable," said Karen Betts, its chief executive.
The watchdog will probe the baby formula market further, and will also look at supermarket loyalty card schemes.
Some supermarkets have only been making cheaper prices available to customers on loyalty card schemes, and the watchdog will look at this practice in 2024.
"The kind of issues we want to explore are: Does this mean that certain groups of customers are not going to get access to discounts on really core household products? Does it mean that people are having to part with a lot of personal data to get those price discounts, and what are the supermarkets doing with that data? And are the promotions being offered clear [and] transparent?" Ms Cardell said.
In September, consumer group Which? warned that loyalty card schemes were not as good as they seem, with supermarkets Tesco and Sainsbury's increasing the prices of everyday items so the discounts for people with loyalty cards looked bigger than they really were.
However, both supermarkets rejected the claims.
The CMA has the power to enforce consumer law, and if it finds any reason to uphold concerns during an investigation, will normally work with firms to rectify any issues.
But the watchdog also has the power, if necessary, to compel firms to change their business practices, and can even fine companies.
The 2024 Toyota bZ4X will cost slightly more than the previous model. To sweeten the deal, Toyota is already offering a special financing rate.
Toyota’s sole electric car in the US is getting more expensive. According to recent order guide data from Cars Direct, the 2024 Toyota bZ4X price will be up to $1,070 higher than the current model.
The entry-level 2024 Toyota bZ4X XLE has an MSRP of $43,070 (without destination), compared to $42,000 for the 2023MY.
For the AWD variant, prices start at $45,150. It’s also seeing prices go up by $1,070. Meanwhile, the 2024 Toyota bZ4X Limited will run you $47,180, or $49,260 for the AWD version. Both are $480 higher than the previous models.
Toyota has yet to release range and other specs for the updated mode. The 2023 XLE base model has up to 252 miles range, while the AWD version gets 228 miles. For the higher Limited trim, you can get up to 242 miles or 222 miles with AWD.
2023 Toyota bZ4X (Source: Toyota)
The report notes that at $43,070, the 2024 bZ4X price is just $370 less than the popular Toyota RAV4 Prime.
Toyota sweetens 2024 bZ4X price with financing deal
Despite higher prices, Toyota is keeping the incentives rolling with the 2024 bZ4X electric SUV. A new bulletin sent to dealers this month shows the new model has interest rates as low as 1.99% APR.
The special 1.99% APR financial deal is good through December 5 for up to 72 months. It’s the same offer as the 2023MY.
2024 Toyota bZ4X trim
Starting price
(excluding dest.)
XLE
$43,070
XLE AWD
$45,150
Limited
$47,180
Limited AWD
$49,260
2024 Toyota bZ4X prices (Source: Cars Direct)
This is a regional deal shown in cities like LA, San Francisco, Denver, and more. Other cities like Houston and Kansas City offer 3.99% for 48 months. Buyers can also opt for 4.99% APR for 60 months or 5.49% for 72 months.
The rates can make a significant difference. Estimates from Cars Direct suggest a 6-year loan on a $45,000 bZ4X would cost over $5,100 more in Texas than California.
Another analysis shows the new bZ4X could be nearly $7,000 cheaper to finance than a similarly priced Tesla Model Y. Tesla’s 6-year financing rate is 6.69%. However, Tesla still has the advantage as it qualifies for the IRA tax credit.
2023 Toyota bZ4X interior (Source: Toyota)
Tesla’s Model Y starts at $45,380 before the tax credit. That’s about $1,500 more than the 2024 Toyota bZ4X starting price, including destination. The Model Y offers a 260-mile range, slightly more than the bZ4X. For $48,990, you can get the Model Y Long Range with up to 330 miles range.
Meanwhile, Toyota can still pass the $7,500 tax credit for leases through a loophole for commercial vehicles.
Are you ready to take advantage of some of the best deals on Toyota and Tesla EVs yet? You can use our links below to get started today:
A townhouse for sale in the Upper East Side neighborhood of NYC.
Adam Jeffery | CNBC
Higher mortgage rates appear to be doing very little to cool home prices.
Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. This occurred as the average rate on the 30-year fixed mortgage climbed toward 8%.
Of the 20 metropolitan markets highlighted in the report, Detroit saw the biggest annual increase at 6.7%, followed by San Diego at 6.5% and New York at 6.3%. Three of the 20 cities, Las Vegas, Phoenix and Portland, Oregon, reported lower prices compared with a year ago. Those cities were some of the biggest gainers in the first few years of the Covid-19 pandemic.
"We've commented before on the breadth of the housing market's strength, which continued to be impressive," Craig Lazzara, managing director at S&P DJI, said in a release. "Although this year's increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices."
Rates have eased in recent weeks, meanwhile, leading to slight growth in mortgage demand.
Year to date, home prices nationally have risen 6.1%, much more than the median full calendar year increase in more than 35 years of this index's data.
"Unless higher rates or exogenous events lead to general economic weakness, the breadth and strength of this month's report are consistent with an optimistic view of future results," Lazzara added.
What about rents?
As home prices continue to gain, rents are easing up.
The national median rent dropped 0.9% in November from October, according to Apartment List. The benchmark has now fallen 3.5% from its all-time high in August 2022. Rent is nearly $250 a month more than it was three years ago, however.
Rents are dropping due to both seasonal and supply factors. There is a record amount of new apartment supply coming on this year, after a construction boom in the sector.
"Vacancies get harder to fill as we draw closer to the holidays, so now is the time when renters have the most sway in lease negotiations," according to the report.
Rent growth will continue to be moderated by more supply next year. Nationwide, the apartment vacancy rate is now 6.4%, a touch higher than the pre-pandemic average, and it could rise even more next year.
"Rental growth will pick up again in the spring seasonally, but it's obvious the deceleration is here and will eventually flow thru the CPI data," noted Peter Boockvar, chief investment officer at Bleakley Financial Group and a CNBC contributor.
"While inflation here will further cool in 2024, we are setting ourselves up for a reacceleration in the years after. That said, markets we know only care about the here and now and renters will certainly appreciate the slowdown when mortgage rates are above 7% and affordability to buy a home is tough," he added.
“We know that prices are still too high for too many things — that times are still too tough for too many families,” the 81-year-old said near the White House.
“We’ve made progress, but we have more work to do,” Biden added. “Let me be clear to any corporation has not brought their prices back down, even as inflation has come down, even supply chains have been rebuilt: It’s time to stop the price gouging and give the American consumer a break.”
The prices of some goods, such as food products, are expected to decline in the coming months, but periods of general deflation are rare in US history.
President Biden speaks about supply chain issues in the Indian Treaty Room in the White House complex in Washington on Nov. 27, 2023. AP
The president also attacked Republicans Monday, saying they “want to go back to the bad old days when corporations looked around the world to find the cheapest labor they could find, just to send the jobs overseas and then import the products back to the United States” — despite opposition to outsourcing being a signature issue for former President Donald Trump.
“Now we’re building the products here and exporting products overseas,” Biden continued. “We’re not importing [sic] jobs. Folks, we’re not importing anything other than what we make.”
Trump, 77, is seeking an election rematch with Biden next year and is vowing even more aggressive populist economic policies to “decouple” the US from China and to wield tariffs to force other countries to agree to measures that improve US competitiveness.
Biden attends an event about supply chain resilience with members of his cabinet and administration in the Indian Treaty Room at the Eisenhower Executive Office Building on November 27, 2023. Getty Images
Biden’s economic appeals come as American concerns about the economy and finances top the opinion surveys of key 2024 election issues.
He has unsuccessfully sought to turn the tide of public pessimism by arguing that the economy is doing well as a result of what he calls “Bidenomics.”
Transportation Secretary Pete Buttigieg talks about supply chains while introducing President Biden. Getty Images
Republicans have blamed Biden’s policies for contributing to inflation, and a study this year by the Federal Reserve found that federal stimulus contributed 2.6% toward inflation, or about a quarter of the inflation over the typical 2% annual target since Biden took office.
Biden has emphasized other factors that fueled inflation, including supply chain issues linked to the COVID-19 pandemic and increased costs of energy and food linked to the Russian invasion of Ukraine.
Annual inflation has cooled this year due to aggressive interest rate hikes, though it remained an elevated 3.2% in October and interest hikes caused fresh consumer pain, sending average credit card rates to 27.81% — roughly double the 14.6% APR when Biden took office — and average 30-year home mortgage rates have soared from 2.65% to between 7 and 8% this year.
U.S. President Joe Biden speaks about efforts to strengthen United States supply chains that effect economic and national security, during the first meeting of the new White House Council on Supply Chain Resilience, in the Indian Treaty Room of the Eisenhower Executive Office Building at the White House complex in Washington, U.S., November 27, 2023.
Evelyn Hockstein | Reuters
President Joe Biden took aim at corporations Monday for charging prices he said were artificially high even though the rate of inflation has slowed and some shipping costs have fallen.
"Any corporation that has not brought their prices back down, even as inflation has come down, even as the supply chains have been rebuilt, it's time to stop the price gouging," Biden said at the launch of a new White House supply chain initiative. "Give the American consumer a break."
While it's true that the annual rate of inflation has cooled from its high last summer, this doesn't translate directly into falling consumer prices. It only means that prices are rising at a lower rate.
Prices for some everyday goods have fallen over the past year, a reality reflected in lower Thanksgiving costs this year, for example. And lower costs have in turn left some consumers with more money in their budgets for things like Black Friday shopping, when U.S. online sales rose 7.5% this past weekend over a year ago.
As Biden runs for reelection, the White House has sought to claim these broad spending and pricing trends as victories for the president and his economic agenda, dubbed Bidenomics.
But the argument that Biden deserves the credit for a strong economic recovery has proven to be a tough sell to voters, who consistently give the president low marks on the economy.
"We understand that people are still not feeling it, we get that," White House press secretary Karine Jean-Pierre said Monday, ahead of the president's supply chain event.
Faced with a skeptical audience, targeting so-called junk fees, which Biden said "companies sneak into your bill," offers the White House with a chance to directly show voters what Biden is doing on their behalf.
It also provides the president with an easy target in the inflation blame game.
"Junk fees take real money out of the pockets of average Americans," Biden said Monday. "They can add up to hundreds of dollars, weighing down family budgets and making it harder for families to pay their bills."
Consumers, said Biden, "feel like they're being played for suckers. Which they are."
As America emerged from the Covid-19 pandemic, prices soared. In the two years starting in April 2021, the average price of all goods rose 13%, according to the Bureau of Labor Statistics. The average price of food in that same period jumped a whopping 20%.
The price hikes were driven by a combination of pent-up consumer demand, pandemic-era economic stimulus and ongoing supply chain snarls.
As a result, inflation hit record highs and consumers felt their budgets under pressure.
As part of the council's creation, Biden also announced 30 different initiatives to help ease supply chain pressures and prevent future shortages for products like drugs and semiconductors.
the retro chic Birkenstock's are back in style and on sale!
Birkenstock.com
Birkenstock sandals are among the most long-standing brands in footwear. Known for their cork soles, leather straps and super-comfortable fit, the shoes have been a style staple in recent years, getting another boost in 2023 thanks to a high-profile movie appearance. Near the end of the blockbuster "Barbie" film, Margot Robbie is seen wearing an adorable pair of baby pink Birks as she steps onto the street.
But Birkenstock isn't just a brand for sandal enthusiasts. From clogs to slides to slip-on styles, there's something for nearly everyone available in the brand's arsenal. Just in time for Cyber Monday, Birkenstock is having a "last chance" sale that offers some serious deals on sandals and more. You can score several styles of Birks for up to half of during this major sale.
If you've been wanting to join the Birkenstock movement — or just want another new pair to add to your collection — check out these choice Birkenstock deals that come straight from the brand's online store.
More Shopping
Birkenstock|birkenstock.com
The Birkenstock Arizona Big Buckle nubuck leather sandal in Dove Gray is marked down to half its usual price of $160, selling for $80 right now. The Arizonas have arguably the most iconic Birkenstock design out there.
arizona|birkenstock.com
If you'd rather shop the vegan option of the brand's popular Arizona sandals, the Arizona Vegan Textile sandal is just $55 for Cyber Monday. You'll have a hard time finding Birkenstocks for less than that.
Bend Low|birkenstock.com
If sandals aren't your style, you can also snag a pair of Birkenstock Bend Low sneakers for half-price this Cyber Monday. Normally $150, these stylish leather kicks are just $75.
birkenstock|birkenstock.com
Another one for the anti-sandal crowd, the Birkenstock Boston suede leather clog is $70, half of the usual price of $140. Find it in several colors.
With incredible savings on nearly 170 styles in this Birkenstock sale, there are plenty of options for a few pairs of your own, as well as a few for the different personalities on your holiday shopping list.
AUSTIN (KXAN) – Traveling back to work from the holiday weekend won’t be as much of a pain on your wallet as gas prices continue to fall, according to AAA.
Texas drivers pay the lowest average price per gallon of any state, AAA said. California drivers pay the highest price.
The company said Monday the U.S. average price of a gallon of regular of $3.25 is 31 cents cheaper than it was at this point in 2022. The national average is 27 cents lower than last month.
Current
$3.25
Week Ago
$3.31
Month Ago
$3.52
Year Ago
$3.56
U.S. Average Price of Gallon of Regular (Source: AAA)
The statewide average is $2.71 a gallon. That is down 18 cents from last year and 30 cents from last month. California drivers pay $4.90 a gallon, AAA said.
Current
$2.71
Week Ago
$2.80
Month Ago
$3.01
Year Ago
$2.89
Texas Average Price of Gallon of Regular (Source: AAA)
Drivers in the Austin-San Marcos area are paying an average price of $2.68, AAA said. That is 35 cents lower than last month and 23 cents lower than last year.
Current
$2.68
Week Ago
$2.82
Month Ago
$3.03
Year Ago
$2.91
Austin/San Marcos Price of Gallon of Regular (Source: AAA)
Nov 26 (Reuters) - Holiday shoppers in the U.S. are seeking out the best deals and strategically nabbing the deepest discounts ahead of Cyber Monday, according to data from retailer websites aggregated by third parties.
Cyber Monday, as the first Monday after the Thanksgiving holiday has become known as merchants step up online promotions, is set to be the biggest online shopping day of the year in the United States.
Strong online traffic on Black Friday demonstrated a notable pattern of shoppers putting time and effort into selecting the lowest-cost, best-value merchandise, said Rob Garf, vice president and general manager for retail at Salesforce, which tracks data flowing through its Commerce Cloud e-commerce service.
Despite an earlier start to retailers' holiday promotions this year, there weren't a lot of great deals initially, Garf said. Yet "consumers were patient, diligent, and they played a game of discount chicken. And they won once again."
On Black Friday, the day after Thanksgiving, retailers "stepped up the discounting" to roughly 30% on average in the U.S., he said. And "consumers clicked the buy button," spending $16.4 billion online in the U.S. and $70.9 billion globally that day, according to Salesforce.
"We saw a big spike," Garf said, adding that the strong Black Friday online outlay would "pull up" the overall tally for the entire Cyber Week, which started on Tuesday and ends on Monday.
On Cyber Monday, Salesforce expects to see discounts averaging 30% again. The risk for consumers, however, is that products may not be available if they wait, he said.
Salesforce says it derives its benchmarks for online traffic and spending from data flowing through its Commerce Cloud e-commerce service, which it says provides a window into the behavior of 1.5 billion people in 60 countries traversing thousands of e-commerce sites.
Other firms use different measurements to gauge online shopping patterns.
Rival Adobe Analytics forecasts that shoppers will spend a record $12 billion Monday, 5.4% more than last year, representing what it says will be the largest-ever e-commerce shopping day in the U.S. Retailers are set to dangle average price cuts of 30% on electronics, and 19% on furniture, said Vivek Pandya, lead analyst at Adobe Digital Insights.
Last-minute Cyber Monday shoppers could spend $4 billion between 6 p.m. and 11 p.m. EST alone "because consumers are going to be concerned about discounts weakening after that," Pandya said.
Adobe provides merchants with Experience Cloud, a service which powers their e-commerce platforms, giving Adobe a window into aggregate transaction data at 85% of the top 100 internet retailers.
Overall, "consumers are being very strategic, wanting to maximize their shopping when they think they'll get the best discounts," Pandya said. "The online retail sector is one of the few where the consumer is a bit more in the driver's seat," he said, particularly with toys and seasonal holiday merchandise.
"There are a lot of online merchants vying for their dollar and they can easily compare prices."
Mastercard, which measures retail sales across all forms of payment, said e-commerce sales rose 8.5% on Black Friday, while in-store sales rose 1%.
"Digital grew dramatically during the pandemic and then it had a reversion to the mean, when people went back to stores," said Steve Sadove, senior adviser for Mastercard and former CEO of Saks Inc. "Now you are seeing an acceleration in digital, once again. It’s becoming more important."
Reporting by Vanessa O'Connell; Editing by Leslie Adler
A recent report from Redfin shows a record share of homes dropping prices across the board. In the four weeks ending Nov. 5, 6.8% of homes reduced their prices across over 400 metro areas. These are the top four locations with the biggest cut in prices this month:
Austin, Texas: -5.7%
Fort Worth, Texas: -2%
Tampa, Florida: -0.9%
Portland, Oregon: -0.6%
Properties in Austin and Fort Worth Texas are experiencing the deepest price cuts, with Fort Worth dropping by 2% and Austin dropping prices by nearly 6%.
Price Cuts and Concessions
In addition to slashing home prices, some sellers are also offering concessions like mortgage rate buydowns, closing costs, or money for repairs to motivate buyers. If you’re in the market for buying a home, concessions and price reductions could help balance out the expense of accepting a higher mortgage rate.
In the three months ending Oct. 31, 11.5% of homes sold featured both a concession and a price drop. Another 4.4% of homes sold, as profiled by Redfin‘s report, saw a price drop, a concession and sold below the asking price. So while high mortgage rates are discouraging, there could be deep discounts available for buyers who are still competing for homes. Although the national average for homes sold with concessions is 35%, there are five top metro areas where buyers are more likely to get concessions based on the share of homes sold.
Salt Lake City, Utah: 63.3%
San Diego, California: 60.9%
Denver, Colorado: 56.6%
Las Vegas, Nevada: 54.3%
Raleigh, North Carolina: 51.4%
Conversely, some markets are sustaining fewer concessions compared to last year. Chicago (-21.6%), Phoenix (-7.8%), Philadelphia (-6.8%), San Diego (-6.1%), and Washington, D.C. (-5.8%) saw the largest decreases in concessions compared to 2022 reporting.
Is net zero a “luxury belief”? A strange assumption seems to have become knitted into the climate debate: that the burden of cutting carbon emissions will – must, inevitably – fall hardest on the poor.
This is the logic by which climate activists are sometimes deemed snobby, classist virtue-signallers – and the principle on which, earlier this year, Rishi Sunak signalled a tactical retreat on green policies. “It cannot be right for Westminster to impose such significant costs on working people,” the prime minister said. Because, of course, this is the group such policies would hurt the most.
But this is not a law of nature. It’s a choice. There is nothing inherent to environmental policies that means ordinary people must bear the brunt of them, although we have tended to organise things that way. A more progressive approach, whereby the richest pay more for the business of hoovering up carbon and blasting it into the atmosphere, is perfectly possible. But for some reason this seems not to have occurred to policymakers such as Sunak, who was reported in August to have taken a private plane or helicopter every eight days of his premiership.
In fact, let us take flying as an example of a carbon-guzzling activity that seldom comes under the spotlight in the way that, say, driving or heating does. This is a shame – especially for those, like Sunak, who worry about the effect of green policies on working people – because flying skews toward the rich, leisured and metropolitan.
When it comes to wealth and carbon emissions, flying constitutes an inverted pyramid of sin. One per cent of people account for half of all flight emissions. A Guardian investigation last week examined the carbon footprints of private jets belonging to 200 celebrities, oligarchs and billionaires. They were equivalent, it found, to the total emissions of almost 40,000 Britons.
Meanwhile, even for those who fly commercial, income links to pollution. Those stretched out and sleeping in first class are stamping a wider footprint than those upright but lounging in business, who are in turn sinning more than those squeezed agonisingly into Tetris shapes in cattle class. The less space per passenger, the fewer flights are needed.
Why, at a time when pro-environmental low-hanging fruit is supposed to have been plucked, have we not imposed a steep progressive tax on flying? Such a scheme would be fairly straightforward to devise. Those who fly once or twice a year for a holiday abroad needn’t face extra costs. But run through your carbon allowance, and taxes could rapidly accumulate in line with emissions, penalising those who fly in luxurious sin. Soon, even the wealthiest frequent flyers would start to think twice. Private jets would meanwhile burn money faster than fuel.
Of course, the sorts who can afford private jets in the first place may be able to absorb these extra costs and keep on flying. But that is exactly why we should impose them. We are missing out on a dollop of money that could be put towards home insulation, charging points for electric cars, or even transforming the air industry. Green jet fuel is already here. But the business of switching from kerosene to hydrogen lacks both urgency and cash.
But we don’t do this. Instead – extraordinarily – incentives run the other way. Jet fuel is not taxed, unlike the fuel used by all other forms of transport. On a private jet you pay the same air passenger duty as you would on a commercial flight. And then there are frequent flyer programmes – a reward system as perverse as, say, free pens for the largest oil spill, or a set of steak knives for the last rhino.
These put a further twist on an existing dynamic. Frequent flyer programmes create a new class system, existing only within the confines of airports and planes, that directly equate pumping out emissions with higher status. And the incentives work. A recent report into these schemes recorded the habit of “tier point running” – taking pointless flights for the purposes of bumping up into the next tier of privileges. “Seven of the other people in the front cabin were all doing the same thing as me – flying just to get their status…” ran one post on a frequent flyer forum. “It’s not a sensible thing to have to do from a personal health perspective.” Status is a powerful motivator.
But it’s not just flying, or yacht ownership, another means by which the rich out-pollute the rest of us. Penalties are weighted the wrong way everywhere. Flat taxes on the price of fuel punish those for whom energy takes up a larger share of household budgets. Poor people in inefficient housing stock end up paying more for their energy. Subsidies for electric vehicles mainly go to rich people who can afford to buy a new car anyway.
But it is not beyond our means to adjust the balance. The economist Thomas Picketty suggests that everyone get a carbon allowance covering ordinary needs – and that activities beyond that are taxed in ever larger increments. This would help avoid populist backlashes against pro-climate policies, he says.
If this seems radical, we should ask ourselves why, when it comes to making sacrifices for the environment, we have tended to start with the necessities and leave the luxuries for later. There is a bias that runs through environmentalism: people tend to be in favour of helping the climate until it inconveniences them. Could it be that this bias extends even to a particular bunch of frequent-flying high earners – policymakers themselves?
Bitcoin has risen above $38,000, clearing the path for a rally higher. Will altcoins follow?
Price Analysis
Join us on social networks
Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to pick up in early 2024.
The major catalysts for next year is the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With two main events on the horizon, Bitcoin is likely to find buyers on dips.
Analysts expect a retracement from $40,000 in the near term. That could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, but it is worth noting that ARK still holds more than 4.3 million GBTC shares.
Could crypto traders bulldoze their way through the overhead resistance levels in Bitcoin and major altcoins? What are the important levels to watch out for?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin pierced the stiff resistance of $37,980 on Nov. 24, but the bulls are struggling to sustain the breakout. This suggests that the bears are vigorously guarding the level.
Both moving averages are sloping up, and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000.
This level may again witness a tough battle between the bulls and the bears, but if the buyers prevail, the pair could skyrocket to $48,000. Time is running out for the bears. If they want to weaken the momentum, they will have to sink the price below the 20-day EMA. The short-term trend will turn negative below $34,800.
Ether price analysis
The bulls pushed Ether (ETH) above the resistance line on Nov. 22, suggesting the start of the next leg of the up-move.
The bears tried to pull the price back below the resistance line on Nov. 23, but the bulls held their ground. This suggests that the bulls are trying to flip the resistance line into support. If they succeed, the ETH/USDT pair could start a northward march toward $2,200.
This level may again act as a formidable resistance, but if bulls overcome it, the pair will complete a large ascending triangle pattern. That could open the gates for a potential rally to the pattern target of $3,400.
This bullish view will be invalidated in the near term if the price turns down and plummets below the vital support at $1,900.
BNB price analysis
BNB (BNB) jumped above $235 on Nov. 22, but the bulls could not overcome the obstacle at the 20-day EMA ($239). This suggests that bears are trying to take control.
The 20-day EMA has started to turn down, and the RSI is just below the midpoint, indicating a minor advantage to the bears. The short-term trend will turn negative on a break and close below the crucial support at $223. That could clear the path for a fall to $203.
If bulls want to prevent the downside, they will have to push and sustain the price above the 20-day EMA. The BNB/USDT pair may then spend some more time inside the large range between $223 and $265.
XRP price analysis
The bulls are trying to shove XRP (XRP) above the 20-day EMA ($0.62), which suggests strong buying at lower levels.
The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating range-bound action in the short term. The XRP/USDT pair may swing between $0.56 and $0.74 for a few days.
If the price rises and sustains above the 20-day EMA, the pair could gradually climb to $0.67 and thereafter to $0.74. Buyers will have to overcome this hurdle to indicate the start of a new up-move.
Conversely, if the price turns down from the current level and breaks below $0.56, it will signal the start of a sharper correction to $0.46.
Solana price analysis
Solana (SOL) has been trying to break above the $59 resistance for the past two days, but the bears have held their ground. A minor positive in favor of the bulls is that they have not ceded ground to the bears.
The rising 20-day EMA ($52.80) and the RSI in the positive territory suggest that bulls have the upper hand. That enhances the prospects of a rally above the overhead resistance. If that happens, the SOL/USDT pair could ascend to $68.
Contrary to this assumption, if the price turns down from the current level, the bears will strive to tug the pair below the 20-day EMA. If they can pull it off, the pair may drop to $48, where buyers are likely to step in.
Cardano price analysis
Cardano (ADA) has been swinging above and below the $0.38 level for the past few days. This shows uncertainty about the next directional move between the bulls and the bears .
The upsloping moving averages and the RSI in the positive territory indicate that the bulls have a slight edge. If the price rises above $0.40, it will signal the start of a new up-move to $0.42 and later to $0.46.
If bears want to trap the aggressive bulls, they will have to yank the price below $0.34. That may result in a fall to the 50-day SMA ($0.31). The ADA/USDT pair may then oscillate between $0.24 and $0.38 for a while longer.
Dogecoin price analysis
Dogecoin (DOGE) has been maintaining above the 20-day EMA ($0.08) for the past two days, but the rise lacks momentum. This indicates that bulls are cautious at higher levels.
Buyers will have to propel the price above $0.08 to signal strength. The DOGE/USDT pair could then surge toward the target objective of $0.10. This level may again witness a tough battle between the bulls and the bears.
If the price turns down from $0.08, it will suggest that bears remain active at higher levels. The pair may then drop to the immediate support at $0.07. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.
If bulls drive and sustain the price above the $2.59 to $2.77 resistance zone, it will complete a cup-and-handle pattern. That could start a new uptrend to $3.28 and thereafter to the pattern target of $4.03.
Alternatively, if the TON/USDT pair turns down from the overhead resistance, it will suggest that bears are fiercely protecting the level. That could result in a move down to the 50-day SMA ($2.20). A slide below this level will open the doors for a fall to $2 and subsequently to $1.89.
Chainlink price analysis
Chainlink (LINK) is facing selling at the downtrend line, as seen from the long wick on the Nov. 23 candlestick.
However, the bulls have not given up and have again pushed the price to the downtrend line. The price is stuck between the downtrend line and the 61.8% Fibonacci retracement level of $12.83. This has resulted in a squeeze, likely resolving with a sharp move on either side.
If the price surges above the downtrend line, the LINK/USDT pair may climb to $16.60 and then to $18.30. Instead, if the price turns down and plunges below $12.83, the decline could extend to the 50-day SMA ($11.21).
Avalanche price analysis
Avalanche (AVAX) has reached the overhead resistance at $22, which is an important level to watch out for. The bears are expected to defend this level with vigor.
However, if bulls do not give up much ground from the current level, it will increase the likelihood of a break above $22. The pair may then climb to $25 where the bears are likely to mount a strong defense.
On the downside, the 20-day EMA ($18.40) remains the key level to keep an eye on. If the price turns down and slips below this level, it will suggest the start of a deeper correction to $16. Such a move will indicate that the AVAX/USDT pair may spend some more time inside the large range between $10.50 and $22.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/HRJ3UPF7XJJ4LM3DWCLSB7BE54.jpg)
