Here are the most important news items that investors need to commit to their business today:
1. A short day in the wood
We hope you had a terrific Thanksgiving. If you are going to work today, don’t work too hard. US stock markets shake out in the morning, however, at 1 pm ET. (Bond stocks at 2 o’clock next) Despite a short week with books trading lower, equities are on pace to finish in positive territory. The 10-minute release on Wednesday put a little pep in the steps of traders. Central bank policy makers have indicated that they are prepared to delay the pace of rate hikes, which are evidence of some progress in the fight against inflation. Read market life updates here.
2. Black Friday bets
The pressure is on for retailers to pull off a strong holiday season, which kicks off in earnest with Black Friday sales. But retailers have also largely painted themselves into a corner with a steady stream of promotions and clearance sales for months now as they try to clear excess inventory due to supply chain problems or mere changes in what customers want. The National Retail Federation said 166.3 million people were expected to shop over the weekend. That’s a record. But will they have enough stores where needed? CNBC’s Melissa Repko explains what’s happening in the retail industry during its most important time of the year.
3. Zelenskyy encourages unity
Ukrainian President Volodmyr Zelenskyy gave a pep talk to the European government on Friday, urging them to come together to bring Russia’s war into the country. “There is no split, no schism among Europeans and we must keep this. This is our mission number one this year,” Zelenskyy said in an email to a conference in Lithuania. Zelenskyy’s words came as Ukraine’s widespread conflicts and infrastructure failures following a spate of Russian missile attacks. Read the war updates here.
4. Musk’s latest Twitter tweak
Elon Musk will throw some more spaghetti at the wall at Twitter HQ. The billionaire electric car and rocket ship mogul said Friday his social network is rolling out a series of different color-coded features next week. “Gold for companies, gray for government, blue for individuals (celebrity or not) and all aspects of truth-checking before activities will be authenticated,” he wrote on Twitter, adding: “Painful, but necessary.” Musk said more details will be forthcoming next week. The latest change comes after Twitter was forced to suspend its $8 per month Blue service, after many well-known brands and celebrities impersonated users.
5. Biance bends
Crypto exchange Binance said it has opened a $1 billion fund recovery for the industry as it deals with the bankruptcy of FTX and the widening scandal surrounding founder Sam Bankman-Fried. Binance, run by CEO Changpeng Zhao, said the fund is intended to help firms that “through no fault of their own, are facing significant short-term financial difficulties.” About 150 companies have already applied for help from the fund, said Binance, which added that the money is available for a $2 billion boost “if needed.”
– CNBC Carmen Reinicke, Sarah Min, Melissa Repko, Karen Gilchrist, Arjun Kharpal and Ryan Browne contributed to this report.
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