Current News Updates: China, Hong Kong shares fall as Covid slows spook investors
The US is gearing up for Thanksgiving Day celebrations, so expect the traditional run of travel chaos and stories of traffic chaos in the days leading up to National Day on Thursday. Then prepare yourself for the financial analysis of the Black Friday sales figures the day after.
After a week or so of international summits, President Joe Biden will be forced to talk turkey with a turkey (rather than other world leaders) this Monday when he undertakes the traditional pardon of the holiday’s birds — of course, others may choose to save a turkey due to escalating costs.
Across the Atlantic, where the pre-Christmas bird flu nightmare for British festive poultry farmers is worsening, the big constitutional event is the Supreme Court̵[ads1]7;s decision – due on Wednesday – on whether the Scottish Parliament can call another referendum on independence without the approval of Britain’s Westminster government.
Scottish National party leader Nicola Sturgeon, who somewhat ironically has the first referendum to thank for getting him the job of First Minister because it forced the resignation of her predecessor Alex Salmond, has upped the ante by bidding for IndyRef2.
Campaigners for Scottish independence attend a rally in Glasgow © Robert Perry/EPA-EFE
The expectation is that the court will rule against Sturgeon’s proposal, which some argue is her real aim because it will fuel the nationalist sentiment of grievance against Westminster ahead of the general election, due in the next two years.
British business leaders will be able to have their say on British politics at the CBI conference, which starts on Monday in Birmingham. Speakers include a ‘senior cabinet minister’, John Lewis Partnership manager Sharon White and BT Group boss Philip Jansen.
Oh yes, and there is a bit more football being played. Click for the FT’s extensive Qatar coverage.
Economic data
The G7 flash purchasing manager’s index reports are the highlight of a light statistical schedule, thanks in large part to Thanksgiving. The OECD also updates its economic outlook on Tuesday.
Interest rate intentions will be in the news again with the minutes from the November Federal Open Market Committee showing how opinions are changing among US central bankers. Interest rate increases are expected in South Korea, forecast to rise by 25 basis points, and South Africa, where a rise of 75 basis points is forecast. Turkey bucks this trend with an expected jumbo drop of 150 basis points.
Companies
Just in time for the biggest retail event in the US calendar, we have a flurry of earnings from US and UK retailers Best Buy, Abercrombie & Fitch, Halfords, Pets at Home and Mothercare.
Ingka Group, which owns most of the Ikea stores worldwide, will report full-year figures on Thursday that will include profits for the home furnishings retailer.
Read the entire weekly calendar here.
