Live news updates: China and Hong Kong stocks drop as Covid curbs spook investors

The United States is gearing up for Thanksgiving Day celebrations, so expect the traditional round of travel mayhem and stories of traffic jams in the days leading up to Thursday’s National Day. Then get ready for the economic analysis of the Black Friday sales figures the next day.

After about a week of international summits, President Joe Biden will be forced to talk turkey with a turkey (rather than other world leaders) this Monday as he begins the traditional forgiveness holiday season poultry – of course others may choose to save a turkey due to cost increase.

Across the Atlantic, where the pre-Christmas bird flu nightmare unfolds for UK festive poultry farmers get worsethe great constitutional event is the decision of the Supreme Court — due on Wednesday – on whether the Scottish parliament can call a second independence referendum without the approval of the British government in Westminster.

Scottish National Party leader Nicola Sturgeon, who ironically has the first failed referendum to thank for get the job as Prime Minister because he forced the resignation of his predecessor Alex Salmondhas raise the stakes by bidding for IndyRef2.

Scottish independence campaigners attend a rally in Glasgow © Robert Perry/EPA-EFE

The court is expected to rule against Sturgeon’s proposal, which some say is his true purpose as it will fuel nationalist sentiment of grievance against Westminster ahead of the general election, due within the next two years.

UK business leaders will be able to speak out on UK policy at the CBI conference, which starts in Birmingham on Monday. Speakers include a ‘senior cabinet minister’, John Lewis Partnership Chair Sharon White and BT Group Chief Executive Philip Jansen.

Oh yes, and there is still football being played. Click for it Complete coverage of FT in Qatar.

Economic data

Flash G7 Purchasing Managers Index reports are the culmination of a light statistical calendar, thanks in large part to Thanksgiving. In addition, the OECD updates its economic forecasts on Tuesday.

Pricing intentions will be in the news again with November’s Federal Open Market Committee minutes showing how opinions are shifting among US central bankers. Rate hikes are expected in South Korea, which is expected to increase by 25 basis points, and in South Africa, where an increase of 75 basis points is expected. Turkey is bucking this trend with an expected large drop of 150 basis points.

Companies

Just in time for the biggest retail event on the US calendar, we have a handful of earnings from US and UK retailers Best Buy, Abercrombie & Fitch, Halfords, Pets at Home and Mothercare.

The Ingka Group, which owns most of the Ikea stores globally, released full-year figures on Thursday, which will include the furniture retailer’s profits.

Read the full schedule for the coming week here.

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