Spend America great again
- American consumers are off indulging in the national pastime of visiting the shopping mall. In fact, the Black Friday extravaganza is more about business television channels being able to produce sensationalist graphics and stirring soundtracks than it is about predicting trends in consumption.
- The French have the second round of the presidential primaries for the center-right on Sunday. With the anti-establishment Le Pen performing well in the opinion polls (those reliable barometers of political direction), the center-right proposes a choice between former PM Fillon and former PM Juppe.
- Japanese consumer price inflation came out unexciting and relatively unimportant. Although officially Japan's headline rate has turned positive, the reality is that most Japanese do not believe the official numbers at all and think Japanese consumer price inflation is the highest in the developed world.
- UK CBI retail sales data is due, giving an indication of how the British consumer is bearing up. The British government did revise down its growth estimates, but still sees a return to trend in a couple of years. The British government always sees a return to trend in a couple of years.