U.S. stocks are on a winning streak as the market enters a shortened trading week, with the Dow up about 2% last week and a record close on Friday. Investors are focused on retail earnings early in the week and holiday spending indicators during Black Friday.Starbucks faces challenges with efficiency at licensed locations during the busy Thanksgiving travel week, while "Wicked" is projected to earn $114 million domestically in its opening weekend, marking a record for Broadway adaptations. "Gladiator II" is also performing well, expected to reach $221 million globally.
European markets are set to open lower as traders await euro zone inflation data. Carlsberg reported a 0.9% revenue growth in Q3 2024, while AB InBev's revenue rose 2.1%, both falling short of expectations. Shell posted a stronger-than-expected profit despite a year-on-year drop, while Japan's central bank indicated potential rate hikes amid economic recovery. In China, the manufacturing PMI showed expansion for the first time since April, signaling improved economic conditions.
UK's Labour government is set to unveil a budget featuring significant tax increases and public spending, with expectations of raising between £20 billion and £36 billion for 2025-2026. Key measures may include changes to National Insurance contributions, capital gains tax, and the introduction of VAT on private school fees. Finance Minister Rachel Reeves aims to shift fiscal rules to allow for increased investment while avoiding austerity, as the government seeks to balance public investment with fiscal responsibility.
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