With the United States off for the Thanksgiving holiday celebrations, markets were somewhat muted on Thursday.
Despite this, European traders were surprised by the news that consumer confidence in France and Germany had declined greater than expected.
In France, the INSEE index which tracks this data dropped to 90 vs the expected reading of 92, which is its lowest level since December 2018. Germany’s Gfk which also tracks consumer sentiment, fell to -6.7 in November vs expectations of -5.
Many believe the drop in sentiment comes as both Countries reimposed national lockdowns, in response to a second wave of COVID-19 cases.
The Dax and CAC were both marginally down as of writing.
Disney to cut 32,000 jobs
As a result of the 2020 health crisis, many consumer facing businesses have been forced to either furlough employees or cut jobs which are no longer needed.
Today, Disney announced that it will be letting go of close to 32,000 workers, mainly from its theme parks around the world.
This is an increase of 4,000, from the original layoffs of 28,000 announced in September. The company expects to conclude the move by the first half of 2021.
Shares in Disney were down 1.58% as of writing.
Bitcoin drops $3,000 in 24 hours
It has been a hell of a week for cryptocurrency traders, from seeing BTCUSD nearing all-time highs, to its biggest 1 day selloff in almost 2 years.
After reaching a high of $19,508 earlier this week, BTCUSD dropped by as much 13%, to quote its lowest price in 10 days at $16,151.
Many believe that this fall may come as traders cash out, or as markets prepare for the ban in the derivatives market coming in Q1 of 2021.
However, some still remain optimistic about the future of cryptocurrencies, and see today’s drop as merely a market correction.
Quote of the day – “The market will always move in the direction that will cause the most pain to most people”Michael Lombardo
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Senior Market Analyst