Thanks for joining me. It’s one of the biggest shopping days of the year and the latest industry data suggests it could be a good day for retailers despite the economic disaster and gloom.
The GfK Consumer Confidence Index, which has surveyed households since the 1970s, showed that households were more positive about their spending ability in November amid lower inflation and continued wage growth.
5 things to start your day
1) The armed forces said they were buying more foreign weapons to save money | The “inefficient” military should outsource some services, the think tank says
2) John Lewis offers health checks to shoppers in stores | The retailer will add Randox Health clinics to stores as part of a wider transformation plan
3) The Foreign Office ‘softened’ the Telegraph takeover letter for fear of offending Abu Dhabi | The intervention highlights the diplomatic and political risks of a monarchy bid
4) Tom Stephenson: The FTSE 100 deserves to underperform its rivals | A journey through the FTSE 100’s 40-year history shows why UK stocks have such a low rating
5) Ben Marlowe: British families depend on the whims of tyrants and terrorists to keep warm | It is time to take stock of the Conservatives’ record on keeping household bills under control
What happened overnight
Stocks were mixed in Asia, with Hong Kong falling on property stocks selling after recent gains.
US futures rose after markets on Wall Street were closed on Thursday for the Thanksgiving holiday. Oil prices fell.
Japan announced that consumer inflation rose for the first time in four months, with big gains in food prices and hotel prices as tourism picks up.
The Consumer Price Index rose 3.3% in October from a year earlier, compared to 3% in September, in a trend inconsistent with the Bank of Japan’s expectations that price pressures will ease towards the end of the year.
Tokyo stocks closed higher as investors were encouraged by the recovery witnessed on Wall Street earlier this week and the slight decline in the value of the yen against the dollar.
The benchmark Nikkei index rose 0.5 percent, or 173.70 points, to 33,625.53 points, while the broader Topix index rose 0.5 percent, or 12.75 points, to 2,390.94 points.
Chinese stocks fell after recent gains driven by expectations of more government support for debt-laden property developers. Shares of Country Garden, one of the largest companies, fell 6.7% after rising 16% the previous day.
In Hong Kong, the Hang Seng Index fell 1.4% to 17,663.08 points. The Shanghai Composite Index lost 0.5% to 3,047.23 points.
South Korea’s Kospi fell 0.5% to 2,501.09, while Australia’s S&P/ASX 200 rose 0.2% to 7,045.80.
US markets were closed yesterday as a result of Thanksgiving.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6% but was still on track for a weekly gain of 0.8%.
Japanese markets returned from vacation, with the Nikkei index rising 0.7% on track to reach a 33-year high reached on Monday.
China’s blue-chip stocks fell 0.7%, while Hong Kong’s Hang Seng Index fell 1.4%, reversing huge gains from the previous day.