U.S. Markets closed for Thanksgiving; Futures Gain
Global stocks and U.S. index futures moved up with signs of a solid recovery in the world’s largest economy in yesterday’s jobless claims report.
Trading volumes are down around the globe as the U.S. traders celebrate the Thanksgiving holiday. The turnover in Asia’s equity benchmark was 17% lower than its 30-day average. It shrank 26% in Europe and 30% in Latin America.
Stoxx Europe is up by 0.42%
Fed To Double Tapering Plan From January, Says Goldman Sachs
Goldman Sachs said on Thursday the U.S. Federal Reserve is expected to double the speed of tapering its monthly bond purchases from January to $30 billion and close its pandemic-era bond-buying scheme by the March of 2022. And also, interest rates will be raised three times in 2022, starting from June. The U.S. investment bank was previously expecting two rate hikes in 2022.
U.K To Expand Development Finance Investment
The U.K government said on Thursday that it will expand development finance investment by billions of pounds to focus more on infrastructure and technology in countries across Asia, Africa, and the Caribbean. The Foreign Office said that government-owned development investment company CDC will be rebranded as British International Investment (BII), a plan to deepen economic, security, and development ties globally. BII will have 9 billion pounds (Rs 89,402 crores) of finance by 2025 and will continue the developments with CDC’s current remit of Africa and South Asia. At the same time, it will also invest in low and middle-income countries in the Indo-Pacific and Caribbean.
UK Retailers Report Strong Pre-Xmas Demand
As per the data from the Confederation of British Industry, U.K retailers are witnessing the strongest pre-Christmas demand since 2015 this month and also the biggest price rises since 1990. Both these are fueled by the fear of shortages that led people to buy gifts early. The monthly retail sales balance – which says whether retailers think annual sales growth is rising or falling, jumped to a three-month high of +39 in November from +30 in October.
New Coronavirus Variant a ‘Serious Concern’ in South Africa
Scientists in South Africa are studying a recently identified new coronavirus variant of concern, stoking fears the country may face a potentially severe fourth wave that could spread internationally. The new discovery, called B.1.1529 until a Greek letter is assigned, carries an unusually large number of mutations and is “clearly very different” from previous incarnations, Tulio de Oliveira, a bio-informatics professor who runs gene-sequencing institutions at two South African universities, said at a briefing on Thursday.
South Korea to Launch Task Force on Banning Dog Meat
Seoul, South Korea (AP) — South Korea on Thursday said it will launch a task force to consider outlawing dog meat consumption after the country’s president offered to look into ending the centuries-old practice. Restaurants that serve dog meat are dwindling in South Korea as younger people find dog meat a less appetizing dining option and pets are growing in popularity. Recent surveys indicate more people oppose banning dog meat even if many don’t eat it.
BOJ’s Newest Board Member Sees Japan Inflation Creeping Up
The Bank of Japan’s newest board member said she’s seeing a gradual emergence of upward price trends in the country that bears close watching, even as the bank holds its monetary stimulus in place. Japan’s consumer prices “don’t look like they will stay around zero forever,” board member Junko Nakagawa said Wednesday in a conversation that was part of her first set of interviews since joining the bank in June. “The upward pressure is strengthening a little.”