The world economy is approaching the northern hemisphere winter in disarray, unable to shake off the coronavirus crisis amid persisting supply disruptions, soaring prices, and resurgent outbreaks.
Global surveys of purchasing managers this week are likely to point that way. Among the outcomes anticipated by economists are slowing manufacturing and services activity throughout the eurozone and the U.K., and only modest improvement in the U.S.
With parts of Europe confronting renewed restrictions to contain another wave of the virus, China’s rebound fading, and rising infections taking hold in America too, much of the global economy is now staring at the threat of a second northern winter of woe, compounded by a cost-of-living squeeze amid surging gas prices and supply bottlenecks.
Europe is at the sharper end of the advanced-world wedge. Record infections in Germany might push authorities to announce new lockdowns, and Austria has already done just that. The continent is enduring a painful peak in consumer prices.
The US markets will be closed on Thursday in observance of the Thanksgiving holiday and an abbreviated session on Friday.
The Nasdaq is sitting in record territory after closing above 16,000 for the first time on Friday, while the Dow Jones Industrial Average and S&P 500 finished lower on global COVID-19 concerns.
Amazon will also kick off its Black Friday deals, which will run through Friday. Will Black Friday be enough to shed the covid shadow, at least for the short term, we will see over this week ahead.
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