LIVE MARKETS Americans can give thanks – Reuters

  • European shares up 0.5%
  • Wall Street shut for Thanksgiving

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It’s Thanksgiving and the United States indeed has cause to celebrate. Data released on the eve of the holiday showed robust consumer spending, jobless claims at the lowest levels since 1969 and a 4.1% monthly rise in the core PCE inflation index.

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The figures reinforced the picture of an economy speeding away from the rest of the world still struggling with COVID-19 fallout. So much so that anxiety about rising inflation has taken root at the U.S. Fed, minutes from its last meeting showed also on Wednesday read more .

It’s a piquant contrast with Europe, where data just showed inflation and surging coronavirus infections hitting German consumer morale which is back at June lows . Japan’s economy meanwhile contracted 3% in the third quarter — a contrast with the U.S. 2%-plus third quarter expansion L1N2S60MU

Stock markets in Asia and Europe are firmer riding on the coat-tails of Wall Street which ended higher on Wednesday. But one result of the U.S. data beats is a dollar in “beast mode” in the words of the Pepperstone brokerage in Australia. This morning it’s just off 17-month highs versus the euro and five-year highs to the yen , .

It’s bad news for emerging markets where many countries are seeing eye-popping inflation figures, potentially forcing more interest rate rises. South Korea on Thursday raised interest rates for the second time this year and further upped inflation forecasts.

Turkey of course is the outlier. President Erdogan’s steadfast refusal to countenance higher interest rates has tipped his country into crisis. With the lira down 26% this month versus the dollar , expect the usual references to Thanksgiving turkeys in news headlines and bank research notes read more .

Reuters Graphics
Reuters Graphics

Key developments that should provide more direction to markets on Thursday:

-German coalition eyes return to debt limits from 2023, open to EU reforms read more

-Swedish PM resigns on first day in job, hopes for swift return read more

-Sweden Riksbank rate decision

-ECB speakers: ECB President Christine Lagarde; ECB board members Frank Elderson, Philip Lane, Edouard Fernandez-Bollo

-Emerging markets: South Korea raises rates; Sri Lanka on hold

-Remy Cointreau raises annual outlook after H1 profit beat read more ; Italy to discuss KKR’s move on TIM after binding bid

(Sujata Rao)



After edging up just slightly yesterday following a volatile session, European shares look set for a second day of marginal gains that should help the STOXX (.STOXX) regional benchmark to steady above three-week lows.

Investors are trying to set aside concerns over new restrictions in Europe, even as Germany had record COVID cases, and look past Fed minutes showing more officials are open to speeding up bond-buying taper and move faster to raise rates.

Wall Street will be shut for Thanksgiving, likely curbing activity across the board, but its positive close overnight and gains in Asian tech stocks bode well for risk sentiment here in Europe today.

European stock futures were last up between 0.1% and 0.3%.

(Danilo Masoni)


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