United States

The following article by David Haggith was first published on The Great Recession Blog: 

Two days ago we reported that according to a troubling - for retailers - survey conducted by Reuters/Ipsos, nearly two thirds, or 63% of US adults, did not plan to shop on Black Friday. It is unclear what exactly is causing this sharp slump in US consumerism: according to Christopher Baldwin, CEO of BJ's Wholesale Club, one excuse is that "Black Friday is no longer a one-day event; it has turned into a multi-week event." Another possible reason is that shellshocked by soaring Obamacare premiums, US adults simply have far less disposable cash which to splurge on holiday trinkets.

• Dollar rally pauses, Italian stocks underperform (Reuters)
• Retailers Vie for Black Friday Dollars (WSJ)
• Holiday Price War Intensifies as Wal-Mart, Target Pursue Amazon (BBG)
• U.S. Pushes Iran on New Measures to Fortify Nuclear Deal (WSJ)
• Brent and WTI see small gains as end of year approaches (Reuters)
• Turkey’s Erdogan threatens to let 3m refugees into Europe (FT)
• Meet the man who could lead Trump's immigration crackdown (The Hill)
• Austrian election tests support for European populism in Trump era (FT)

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.