International Market Overview 26 November 2021

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International Market Update

  • European stocks closed higher on Thursday as investors continued to monitor political developments and the covid crisis. The pan-European Stoxx 600 closed 0.4% higher, with utilities leading the gains with a 1.8% gain, while most sectors and major bourses traded in positive territory. Germany’s gross domestic product (GDP) grew 1.7% in the third quarter from the previous quarter, slightly below expectations, official statistics said Thursday. Meanwhile, Sweden’s first female prime minister, Social Democrat Magdalena Andersson, resigned just hours after her appointment.
  • U.S. markets were closed Thursday for the Thanksgiving holiday and will close in a shortened session early today.
  • Stocks in the Asia-Pacific region slipped in early trading today, with Japanese shares leading the region’s losses. Japan’s Nikkei 225 fell 2.37%, while shares of conglomerate SoftBank Group slid more than 4%. Australia’s S&P/ASX 200 fell 1.37%. Australia’s retail sales rose 4.9% in October from the previous month, seasonally adjusted, according to official estimates released Friday. That was far more than the 2.5% rise forecast in a Reuters poll. Shares of Asia-Pacific tour operators fell this morning on renewed fears around the covid.


In International news


Amazon workers plan strikes on Black Friday

Amazon workers in 20 countries – including the US, UK and several EU countries – are planning protests and work stoppages on Black Friday. The shopping day is one of the busiest days of the year for Amazon. The group Make Amazon Pay says “Amazon takes too much and gives too little back”. It is backed by a coalition of labour groups, unions, grassroots campaigns and nonprofits in individual countries. The company has also been accused of taking an anti-union stance, particularly in the US. A landmark push to unionise a plant in Bessemer, Alabama, failed earlier this year but was investigated by U.S. regulators over allegations that the company pressured employees during the vote.

Shares of German cannabis company rise after new government pledges to legalise drug

Shares in German cannabis company SynBiotic rose sharply on Thursday shortly after the new government pledged to legalise the drug. Shares in the Munich-based company rose 33% to 29 euros ($33) on the Frankfurt Stock Exchange. The company now has a market capitalization of more than 100 million euros. On Wednesday, an agreement was reached between the centre-left Social Democratic Party, the Greens and the Free Democratic Party reached an agreement on Wednesday on a coalition in which they will govern together for the first time. The so-called “traffic light” coalition agreed on plans to legalise the sale of cannabis for recreational use to adults in licenced shops.