’Tis the holiday decor szn… Wall Street thinks Walmart's stocking could have more treats than Target’s when both report this week. In August the grocery leader upped its annual sales forecast as its low prices attracted thrifty shoppers, lifting quarterly profits up 53% to $7.8B. Meanwhile, Target cut its outlook after sales fell 5%. Now it plans to roll out more affordable store brands to lure festive shoppers. And for good reason: US holiday retail spend is expected to hit a record $966B as folks snap up eggnog and reindeer pillows.
If Xi’s going to San Francisco… he likely won’t wear flowers in his hair. China’s president is visiting the US this week for the first time since 2017. He and Biden are set to meet Wednesday in the SF area for a chat that could help thaw an icy rivalry. Biz-related topics could include Western firms pulling $$ out of China, and US sanctions on exporting advanced tech to China. Xi’s also expected to be the guest of honor at a dinner with top US biz execs, who just can’t turn their backs on the world’s No. 2 economy.