It is also a great day for the main street as the 13,000 employees of the Arcadia group in 550 stores await news on the fate of the company.
5 things to start your day
1) Fears Arcadia could be a ‘retail chime’ with suppliers left out for £ 250million: On top of that, MPs called on Sir Philip Green to use his own fortune to supplement the pension fund, which faces a deficit of up to £ 350million.
2) Rescue experts land at easyJet to deal with debt: Low-cost airline struggles with over £ 1.4bn in debt and has taken on AlixPartners to help forecast its flows cash
3) Former owner of Little Chef to take over ads: buyout fund RCapital is said to be among the contenders for 42 locations auctioned after Stonegate’s takeover of Ei Group
4) Weight Watchers slows down with layoff plans: Forced closure of workshops due to pandemic hit the brand
5) Nuclear looks to hydrogen for its future: Global demand for hydrogen is expected to skyrocket over the next few decades – and nuclear power plants may have a role to play in its production
What happened during the night
Global stocks paused to value a record month on Monday as the prospect of a vaccine-driven economic recovery next year and even more free money from central banks overshadowed immediate concerns about the coronavirus pandemic .
A survey showing that factory activity in China far exceeded expectations in November contributed to that sentiment, and the country’s central bank surprised with cheap loan aid. This left blue chips up 1.3% for the day and 7.4% for the month.
The MSCI measure of global equities is up 13% for November, while the S&P 500 has climbed 11% to all-time highs.
Early Monday, the largest MSCI index of Asia-Pacific stocks outside of Japan slipped 0.4%, up nearly 11% for the month in its best performance since late 2011.
Japan’s Nikkei 225 eased 0.4%, but was still 15.4% higher on the month for the biggest gain since 1994.
Intermediate outcomes: Social housing Civitas, Discoverie, Draper Esprit, Victoria
Economy: Approvals and Mortgages, Consumer Credit (UK); unemployment (Japan); official purchasing managers’ indices (China); inflation (Germany, Italy, Spain); pending home sales (US)