Business

As reported yesterday, India's unexpected crackdown on "black money" which saw the elimination of the old high denomination bills, is not going well, not only because former PM Manmohan Singh slammed the idea warning it would cut as much as 2% from the GDP of the world's fastest growing economy, but because so far the voluntary participation in the "exchange" of old for new notes ahead of today's exchange suspension (deposits of old cash may still take place until December 31) has been far below expectations.

Having soared to fresh 13 year highs in a quiet overnight session on thin liquidity due to the US Thanksgiving holiday, which sent the USDJPY just shy of 114 and the Yuan to 6.96, the dollar pared back its weekly advance with modest profit taking after traders wondered if the rally has gotten "too stretched." European shares were fractionally higher, with Asian stocks and US equity futures rising and both the Dow Jones and the S&P set for new all time highs.

Submitted by Mike Shedlock via MishTalk.com,

Whatever numbers the retail association posts this weekend for Black Friday (typically overoptimistic assessments) are likely to be skewed this year even more.

The New York Times expects a Less Frenzied Black Friday as Millennials opt to stay away.

If you’re in the retail business in the United States, you probably really care about these two things: millennials and Black Friday.

 

A group of angry farmers in Argentina have successfully stopped the expansion of a Monsanto facility and have halted future construction plans. Farmers, anti-GMO activists, and concerned citizens bravely occupied the Monsanto plant in Malvinas, Argentina, by descending on the property and refusing to vacate. Csglobe.com reports: “Residents of an Argentinian town have forced one of Monsanto’s half-completed GMO seed plants to be dismantled,” says Christina Sarich, writing for the Underground Reporter.