Live news updates: Stocks in China and Hong Kong fall as Covid scares investors

The US is preparing to celebrate Thanksgiving Day, so expect the traditional travel chaos and traffic congestion in the days leading up to the Thursday national holiday. Then prepare for the economic analysis of Black Friday sales the day after.

After about a week of international summits, President Joe Biden will be forced to talk turkey to a turkey this Monday (instead of other world leaders) as he undertakes the traditional pardon of the holiday season poultry — of course, others may choose to save a turkey because of rising costs.

Across the Atlantic, where the pre-Christmas avian flu nightmare for British festive poultry farmers continues to worsen, the big constitutional event is the Supreme Court’s ruling – due on Wednesday – on whether the Scottish Parliament should hold a second independence referendum can unsubscribe without the approval of the British Westminster government.

Nicola Sturgeon, leader of the Scottish National party, who somewhat ironically credits the failure of the first referendum to being given the job as prime minister because it forced the resignation of her predecessor Alex Salmond, has upped the ante by bidding on IndyRef2.

Scottish independence campaigners attend a meeting in Glasgow

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

The court is expected to rule against Sturgeon’s proposal, which some argue is her real aim, as it will fuel nationalist resentment against Westminster ahead of the general election due in the next two years.

British business leaders will have their say on British politics at the CBI conference, which starts in Birmingham on Monday. Speakers include a “senior cabinet minister”, John Lewis Partnership chairman Sharon White and BT Group chief executive Philip Jansen.

Oh yeah, and there’s some football going on. Click for the FT’s extensive Qatar coverage.

Economic data

The G7 flash purchasing managers’ index reports are the culmination of a light statistical schedule, thanks in large part to Thanksgiving. The OECD will also update its forecasts for the economic outlook on Tuesday.

Intentions to fix interest rates will hit the headlines again with the minutes of the Federal Open Market Committee in November, showing how attitudes are shifting among US central bankers. Rate hikes are expected in South Korea, which is forecast to increase by 25 basis points, and in South Africa, which is forecast to increase by 75 basis points. Turkey bucks this trend with an expected jumbo drop of 150 basis points.

Businesses

Just in time for the biggest retail event on the US calendar, we’ve got quite a bit of revenue from US and UK retailers Best Buy, Abercrombie & Fitch, Halfords, Pets at Home and Mothercare.

Ingka Group, owner of most Ikea stores worldwide, will announce its annual figures on Thursday, which will also include the profit for the home furnishing retailer.

Read the full week ahead calendar here.

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