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Flynn’s lawyers stop talking to Trump’s, retailers are optimistic about Black Friday, and Germany goes back to being strong and stable. Here are some of the things people in markets are talking about today.
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Lawyers acting for former National Security Adviser Michael Flynn have stopped sharing information with President Donald Trump’s legal team about the special counsel’s investigation into Russian election interference. The move may signal that Flynn is in discussions with Special Counsel Robert Mueller, who is leading the probe into ties between the Trump campaign and the Kremlin. Meanwhile, Trump used his Thanksgiving address to troops to credit his policies for military gains in Afghanistan.
Black Friday
U.S. retailers are unusually optimistic going into this year’s holiday shopping season. With the National Retail Federation predicting that 69 percent of Americans will shop online or at stores over the Thanksgiving weekend, brick-and-mortar shops are looking to build on the momentum from a generally positive earnings season. Although Black Friday is not just a U.S. phenomenon these days, the retailer optimism hasn’t spread to the U.K., where an already difficult year is unlikely to end with a boost for the embattled sector.
Euroboom
The political crisis that followed the collapse of government coalition talks in Germany seems to have passed as the biggest opposition party said it is open to talks on backing an administration led by Angela Merkel. Meanwhile, recent data underscore how German growth is going from strength to strength, with confidence at a new record high. Yesterday’s GDP print suggests the economy is on course for its best annual performance in six years.
Markets quiet
Overnight, the MSCI Asia Pacific Index gained 0.1 percent, with Japan’s Topix index closing 0.2 percent higher as Thursday’s plunge in Chinese equities failed to cause a lasting reversal in sentiment. In Europe, the Stoxx 600 Index was 0.1 percent higher at 5:40 a.m. Eastern Time in a quiet session. S&P 500 futures were 0.1 percent higher ahead of today’s shortened trading day, the 10-year Treasury yield was at 2.345 percent, and gold was flat.
OPEC king
Russian leader Vladimir Putin has emerged as the most important player ahead of next week’s OPEC talks on extending oil production cuts. Russia, not a member of the oil-producer group, has become the voice that the market listens to after Putin successfully engineered Moscow’s agreement last year with OPEC on output reductions. This morning, a barrel of West Texas Intermediate for January delivery was trading at $58.58, with the spread to Brent crude narrowing to the tightest since September.
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