Business News: Black Friday lasts longer, Biden picks Powell
By Jenny McCall
14:16, 23 November 2021
Key points
- November PMI data compiled by IHS Markit and CIPS show private sector firms in the UK experienced the fast increase in input cost inflation in November since at least January 1998.
- Economic activity in the eurozone accelerated in November after slowing to a six-month low in the previous month, according to the region’s purchasing managers.
- UK stocks dipped as Covid-19 cases have started to rise again. The FTSE is flat after a brief upswing yesterday. Investors were also looking forward to eurozone and UK PMI data due out later today.
- US President Joe Biden has nominated incumbent Federal Reserve Chair Jerome Powell to lead the central bank for a second term. Fed Governor Lael Brainard was nominated as Vice Chair.
- Black Friday is no longer a one-day affair, retailers are dragging out the day when everything goes on sale – for one month.
America needs steady, independent, and effective leadership at the Federal Reserve. That’s why I will nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System and Dr. Lael Brainard to serve as Vice Chair of the Board of Governors.
— President Biden (@POTUS) November 22, 2021
Business and economic news
- Aareal Bank is set to be taken over by a private equity partnership, who have valued the German financial services group at just under €1.74bn ($1.96bn).
- US President Joe Biden announced the US will release 50 million barrels of crude oil from the US Strategic Petroleum Reserve to help cool oil prices in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea, and the UK.
- Stocks: The S&P 500 opened lower on Tuesday as rising Treasury yields weighed on major technology stocks.
- Oil: Oil spot was down 0.18% at $76.61 per barrel. Brent crude was up 0.21% at $79.87
- Gold: Gold prices fell below $1,800 on Tuesday with expectations US interest rates will rise.
- Forex: The dollar and bond yields firmed with expectations that US interest rates will rise.
- Crypto: Bitcoin (BTC) fell 0.61% today and Ethereum (ETC) dropped by 2.28% today.
What to watch today
- JP Morgan has once again been voted the world’s most systematically important bank, according to a report. BNP Paribas (BNPP) and Goldman Sachs (GS) followed.
- American Eagle Outfitters (AEO) and Abercrombie & Fitch (ANF) beat revenue estimates today, sales were driven by the return to schools and offices after Covid-19.
Read more: S&P 500 gainers and losers: No end in sight for the bull market?
Markets in this article
Related topics