Amazon workers picket outside warehouse on Black Friday strike Business

Thanks for joining me. It is one of the most important shopping days of the year and the latest industry data indicates it could be a good one for retailers despite the economic doom and gloom.

GfK’s consumer confidence tracker, which has surveyed households since the 1970s, showed households were more positive about their spending ability in November amid falling inflation and sustained pay growth.

5 things to start your day 

1) Buy more foreign weapons to save money, Armed Forces told | Military ‘characterised by inefficiency’ should outsource some services, think tank says

2) John Lewis to offer shoppers health checks in stores | Retailer will add Randox Health clinics to shops as part of wider turnaround plan

3)  Foreign Office ‘softened’ Telegraph takeover letter in fear of offending Abu Dhabi | Intervention highlights the diplomatic and political risks of ownership attempt

4) Tom Stevenson: The FTSE 100 deserves to underperform its rivals | A trip through the FTSE 100’s 40-year history shows exactly why UK stocks are lowly rated

5) Ben Marlow: British families depend on whims of despots and terrorists to keep warm | It’s about time we assess the Tories’ record on reigning in households’ bills

What happened overnight 

Shares were mixed in Asia, with Hong Kong retreating on selling of property shares following recent gains.

US futures edged higher after markets on Wall Street were closed on Thursday for the Thanksgiving holiday. Oil prices slipped.

Japan reported its consumer inflation rose for the first time in four months, with big gains in food prices and hotel rates as tourism has soared. 

The consumer price index rose 3.3pc in October from a year earlier, up from 3pc in September in a trend contrary to the Bank of Japan’s forecasts for price pressures to abate toward the year’s end.

Tokyo shares closed higher as investors took heart from a rebound on Wall Street earlier this week and the yen’s slight depreciation against the dollar.

The benchmark Nikkei 225 index rose 0.5pc, or 173.70 points, to 33,625.53, while the broader Topix index ended up 0.5pc, or 12.75 points, at 2,390.94.

Chinese shares fell back after recent gains driven by expectations of more government support for debt-burdened property developers. Shares in Country Garden, one of the biggest, sank 6.7pc after gaining 16pc the day before.

In Hong Kong, the Hang Seng fell 1.4pc to 17,663.08. The Shanghai Composite index lost 0.5pc to 3,047.23.

South Korea’s Kospi declined 0.5pc to 2,501.09, while the S&P/ASX 200 in Australia gained 0.2pc, to 7,045.80
The US markets were closed yesterday as a result of Thanksgiving.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6pc but are still headed for a weekly gain of 0.8pc. 

Japan’s markets returned from a holiday, with the Nikkei climbing 0.7pc to charge towards a 33-year high hit on Monday.

Chinese bluechips fell 0.7pc, while Hong Kong’s Hang Seng index tumbled 1.4pc, reversing the previous day’s hefty gains. 

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This notice was published: 2023-11-24 08:37:44

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