This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
After a long stretch of gains, signs of caution starting to creep into the stock market are not entirely unexpected, even with today’s bullish set of manufacturing reports.
Heading into the crucial festive shopping season, the focus of investors may well be pin-pointed on how well sales have been going at retailers across the US.
The US National Retail Federation estimates that the number of shoppers on Thanksgiving Day grew 27% from last year, rising from 35 million last year to 45 million this year. This appears to have cannibalised some of the business from Black Friday, however, with a 2.7% fall in sales over the whole weekend, according to estimates from the federation, with the average spend per head down close to 6% and this has weighed on stock prices.
Today is ‘Cyber Monday’ though, and with big increases in sales announced by Amazon and eBay, there are reasons to feel upbeat about the performance of online retailers.
US motor vehicle sales figures for November are released tomorrow.