There was also a slew of disappointing Chinese data, including industrial production and retail sales, that showed the giant economy lost more steam in November. “The latest data show an economy that is under pressure on both the external and domestic front, with policy efforts to shore up growth still falling short,” said Julian Evans-Pritchard, senior China economist at Capital Economics.
And in Europe, a survey of purchasing managers indicated that growth in business activity in the countries using the euro slowed in December to its weakest level in over four years.
“Companies are worried about the global economic and political climate, with trade wars and Brexit adding to increased political tensions within the euro area,” said Chris Williamson, chief business economist at IHS Markit.
The deal will give LVMH a much bigger presence in luxury hotels, but its shareholders gave the deal a cautious welcome. LVMH shares fell 1.3% in Paris.
3. Pound pressured: The pound fell 0.5%, taking it back below $1.26, after Prime Minister Theresa May failed in the latest attempt to salvage her plan for taking the United Kingdom out of the European Union in March while minimizing the hit to the British economy.
“For now, we have an impasse with no new deal … from the EU and no chance of the current one getting through parliament,” noted Kit Juckes, a strategist at Societe Generale.
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5. Coming this week:
Friday — US retail sales for November
Source : CNN