Live news updates: China and Hong Kong stocks drop as Covid curbs spook investors

The United States is gearing up for Thanksgiving celebrations, so expect the traditional course of travel chaos and road jam stories in the days leading up to Thursday’s national holiday. Then get ready for the economic analysis of Black Friday sales numbers the next day.

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After a week or so of international summits, President Joe Biden will have to talk Turkey with a turkey (rather than other world leaders) on Monday as he makes the traditional pardoning of birds for the holiday season — of course, others may choose to save. Turkey due to escalating costs.

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Across the Atlantic, as the pre-Christmas nightmare of bird flu for British poultry farmers festers, the big constitutional event is the Supreme Court ruling – due on Wednesday – on whether the Scottish parliament can hold a second referendum on independence without the UK’s Westminster government’s consent.

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SNP leader Nicola Sturgeon, who somewhat ironically failed the first referendum to get the job as first minister because she forced the resignation of her predecessor Alex Salmond, has upped the stakes by bidding for IndyRef2.

Scottish independence activists attend a rally in Glasgow

Activists for Scottish independence attend a rally in Glasgow © Robert Perry / EPA-EFE

The expectation is that the Court will rule against Sturgeon’s motion, which some claim is its real aim as it would fuel a national feeling of grievance against Westminster before the general election due in the next two years.

British business leaders will be able to give their views on British politics at the CBI conference, which begins on Monday in Birmingham. Speakers include Cabinet Minister, John Lewis Partnership President Sharon White, and PT Group CEO Philip Jansen.

Oh yeah, and there is more football being played. Click through for the Financial Times’ comprehensive coverage of Qatar.

Economic data

The G7’s flash PMI reports are the highlight of the light statistical table, thanks in large part to Thanksgiving. Also, the Organization for Economic Co-operation and Development updates its economic outlook on Tuesday.

Rate-setting intentions will be in the news again with the November FOMC meeting minutes showing how opinions are changing among US central bankers. Interest rates are expected to rise in South Korea, where it is expected to rise by 25 basis points, and South Africa, where it is expected to increase by 75 basis points. Turkey is mirroring this trend with a whopping 150bps drop expected.


Just in time for the biggest retail event on the US calendar, we have a batch of earnings from US and UK retailers Best Buy, Abercrombie & Fitch, Halfords, Pets at Home and Mothercare.

The Ingka Group, which owns most of the Ikea stores worldwide, will announce full-year numbers on Thursday, which will include earnings for the home furnishing retailer.

Read the full calendar for the coming week here.


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