In New York, no trading took place Thursday due to the Thanksgiving holiday. Friday’s session will have shortened trading hours.
In Asia, stock markets were trading mostly lower, pressured by the Covid outbreak in China and core consumer prices in Japan’s capital that rose at their fastest pace in 4 decades this month at +3.6% on the year. Japan’s Nikkei 225 was trading -0.34% lower after the release of the data on Friday. Hong Kong’s Hang Seng index was trading down -0.86%, while in mainland China, the Shanghai Composite +0.4%.
Germany’s Ifo Business Climate Index came in Thursday at 86.3, an improvement on the previous reading. The survey data shows that the downturn in the German economy may prove to be less severe than many market participants had expected. However, uncertainty continued to increase in energy-intensive industries, according to the Ifo Institute, which conducts the monthly survey of businesses.
Policymakers at the European Central Bank fear that the high inflation trend in the euro zone may be becoming entrenched and difficult to stop. Notes from the ECB’s last policy meeting in October, which were released Thursday, show the central bankers are also pushing to reduce the bank’s balance sheet, which has ballooned over the last decade mostly due to government bond purchases. Policymakers at the meeting thought it was clear rates would have to be increased further to rein in inflation, with a large majority supporting another 75-basis-point move.
|00:30||JP||Tokyo Core Consumer Price Index (November, y/y)||+3.4%|
|08:00||GE||Gross domestic product (Q3, q/q)||+0.3%|
|08:30||CH||Labour force (Q3)||5.316m|
|GE||Commerzbank (economic outlook with chief economist)|
|GE||Thyssenkrupp (Capital Markets Day)|
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