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#PreMarket Primer: Friday, November 29: Black Friday Weekend Underway

By: Benzinga
Posted: 11/29/2013 7:40:00 AM
Referenced Stocks: M;WMT

With six fewer shopping days during the holiday shopping season, several large retailers went all out for Black Friday weekend by deeply discounting big ticket items and even opening in the evening on Thanksgiving.

Shoppers flooded stores like Macy's, Wal-Mart and Toys R Us in search of deals on Thursday night. Many Americans stayed home to shop, IBM Digital Analytics Benchmark showed that online sales were up 10 percent from last year on Thursday evening. Nearly 140 million people are expected to spend their cash this weekend, down from last year's 147 million.

Top News

National Bank of Hungary Governor Gyorgy Matolcsy said on Thursday that ECB president Mario Draghi told his fellow central bankers that a euro to dollar exchange rate above $1.30 suppresses the competitiveness of southern Europe's exports. The quote has been denied by Draghi's spokesperson. China sent fighter jets and an early warning aircraft to patrol its air-defense zone on Thursday in response to international defiance of the nation's newly declared no-fly zone. Although Chinese officials originally demanded that foreign aircraft notify authorities before entering the airspace, the recently deployed fighter jets will likely monitor and escort aircraft entering the zone rather than try to repel them. Anti government protests in Thailand escalated on Friday after 1,200 protesters forced their way into the nation's army headquarters. The incident marks the most dramatic escalation of demonstrations that the group hopes will eventually oust Thailand's Prime Minister Yingluck Shinawatra. The Bank of England announced that it would cut its support for mortgage lending on Thursday in its semi annual financial stability report. The decision highlighted the nation's growing worries about soaring housing prices and their risk to banks' financial stability.

Asian Markets

Asian markets were mixed to end the week, the Japanese NIKKEI was down 0.41 percent and Australia's ASX 200 lost 0.27 percent. However, China's Shanghai composite gained 0.42 percent and the Hang Seng index was up 0.39 percent.

European Markets

European markets were mostly higher, the UK's FTSE gained 0.20 percent and the eurozone's STOXX 600 was up 0.02 percent. The Spanish IBEX was up 0.37 percent and France's CAC 40 was up 0.05 percent.


Energy futures looked poised to end the week on a high note; Brent futures were up 0.09 percent and WTI futures gained 0.30 percent. Gold gained 0.74 percent and silver was up 1.13 percent. Industrial metals were mostly lower with Tin posting the largest loss, down 0.22 percent.


Currency markets were quiet, the euro gained 0.07 percent on the dollar and the pound fell 0.11 percent against the greenback. The dollar lost 0.06 percent to the yen and 0.13 percent to the Australian dollar.


No Notable Earnings released on Thursday


No notable earnings expected on Friday


Friday's economic calendar will be relatively quiet, with notable releases including Canadian GDP, the eurozone's unemployment rate, British mortgage approvals, and German retail sales.

Tune into Benzinga's pre-market info show with Dennis Dick and Joel Elconin here .

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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