Good morning! Here’s what you need to know on Thursday.
Chancellor Philip Hammond delivered his first Autumn Statement. Hammond’s biggest announcement was a new £23 billion fund to invest in technology, housing, and transport infrastructure, along with an increasing in infrastructure from 0.8% of GDP now to around 1-1.2% of GDP.
Hammond’s Autumn Statement exposed an economic plan that is built on conflicting missions. Not only is the government trying to move away from the austerity agenda of the Cameron-era on one hand, but it is also attempting to grow the economy amid one of the most uncertain period of Britain’s recent history that could lead to GDP shrinkage.
US stocks broke fresh highs once again on Wednesday. The Dow Jones Industrial Average and S&P 500 continued to break through to new highs as US markets get ready to take a break for the Thanksgiving holiday. The Nasdaq, however, found itself in the red on a busy day for US economic data.
It is Thanksgiving Day in the USA. That means data and news coming from across the Atlantic is likely to be light to non-existent. Markets stateside are closed on Thursday as a result.
Japan’s Nikkei share average rose for a sixth day on Thursday. The climb came as prospects of exporters’ earnings improved after the dollar jumped against the yen, helping such stocks as Toyota and Honda. The Nikkei closed up by just shy of 1%, gaining 0.94% to end the day at 18,333 points. Stocks in the rest of Asia were also largely positive, although gains were less significant.
China will defend its rights under World Trade Organisation tariff rules. That is if President-elect Donald Trump moves toward executing his campaign threats to levy punitive duties on goods made in China, a senior trade official said on Wednesday.
South Korea’s household debt grew at a faster pace in the third quarter than it did in the preceding three months. Central bank data showed on Thursday that easy monetary policy continues to boost mortgage demand. Household debt, including loans and other debt owed by South Korean households, jumped 11.2% in the third quarter from a year earlier to 1,295.8 trillion won (£880 billion).
The slew of good US economic data is because of the election — but not Trump’s win. In recent days durable goods orders surged passed expectations, the University of Michigan’s consumer confidence leaped, Markit’s reading of the manufacturing sector beat projections, and initial jobless claims hit a 90th straight week under 300,000. However, the data probably has less to do with the fact that Trump was the victor on November 8 than it does with the the simple fact that a victor was named at all.
Barclays allegedly dismissed one of its top executives as a “direct result” of what it found out he told investigators who have a criminal probe open against the bank, a tribunal has heard. The Financial Times reports that Barclays’ former chairman of financial services, Richard Boath is making an unfair dismissal claim, saying he was fired after investigators at the Serious Fraud Office gave Barclays a transcript of his interview with them, during an investigation into an emergency cash call made by the bank during the financial crisis.
Britain made fewer cars last month for the first time in more than a year. The drop was driven by slower domestic demand and prompting the industry’s lobby group to renew its call for the government to maintain free trade as Britain leaves the European Union. Overall output fell by an annual 1% to 151,795 cars in October, the Society of Motor Manufacturers and Traders said on Thursday.
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