Live updates: China and Hong Kong stocks fall as Covid restrictions spook investors

The United States is gearing up for Thanksgiving Day celebrations, so expect the traditional round of travel mayhem and stories of traffic jams in the days leading up to Thursday’s National Day. Then get ready for the economic analysis of the Black Friday sales figures the next day.

After about a week of international summits, President Joe Biden will be forced to talk turkey with a turkey (rather than other world leaders) this Monday as he embarks on the traditional holiday poultry pardon. – of course, others may choose to save a turkey due to escalating costs.

Across the Atlantic, where the pre-Christmas bird flu nightmare for Britain’s festive poultry farmers is deepening, the big constitutional event is the Supreme Court’s ruling – expected on Wednesday – on whether the Scottish parliament could call a second referendum on independence without the approval of the British government in Westminster.

Scottish National Party leader Nicola Sturgeon, who ironically has the first failed referendum to win the premiership to thank because it forced the resignation of her predecessor Alex Salmond, upped the ante by making an offer for IndyRef2.

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

The court is expected to rule against Sturgeon’s proposal, which some say is his real aim, as it will stoke nationalist sentiment of grievance against Westminster ahead of the general election, due within the next two years.

UK business leaders will be able to speak out on UK policy at the CBI conference, which starts in Birmingham on Monday. Speakers include a “senior minister”, Sharon White, chairman of the John Lewis Partnership, and Philip Jansen, chief executive of the BT Group.

Oh yes, and there is still football being played. Click for FT’s full coverage of Qatar.

Economic data

Flash G7 Purchasing Managers Index reports are the culmination of a light statistical calendar, thanks in large part to Thanksgiving. In addition, the OECD updates its economic forecasts on Tuesday.

Rate-setting intentions will be in the news again with November’s Federal Open Market Committee minutes showing how opinions are shifting among US central bankers. Rate hikes are expected in South Korea, which is expected to increase by 25 basis points, and in South Africa, where an increase of 75 basis points is expected. Turkey is bucking this trend with an expected large drop of 150 basis points.


Just in time for the biggest retail event on the US calendar, we have a handful 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 globally, released full-year figures on Thursday, which will include the furniture retailer’s profits.

Read the full schedule for the week ahead here.

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