— Equities today: Asian and European markets were mixed to firmer in overnight trading. U.S. Dow opened up around 355 points higher. In Asia, Japan +0.3%. Hong Kong -0.2%. China +0.3%. India closed. In Europe, at midday, London -0.4%. Paris +0.1%. Frankfurt +0.4%.
Energy costs dropped 4.5% , with gasoline declining 5.3%, utility gas service falling 15.8% and fuel oil sinking 21.4%. The National Retail Federation estimates that this year's seasonal workforce will range between 345,000 and 445,000 workers, marking a potential decrease of up to 40% compared to the recent high in 2021.
— The euro strengthened to $1.08, marking its highest level since early September. This surge was driven by investors selling off the U.S. dollar after data revealed that the U.S. inflation rate in October had slowed more than anticipated. Earlier, the euro had already gained ground due to better-than-expected German investor confidence in November, reaching positive territory for the first time since April.
— Australia's ports face 30,000 container backlog after cyberattack. Australia's ports, including those in Melbourne, Sydney, Brisbane, and Fremantle, are grappling with a backlog of 30,000 shipping containers following a cyberattack on DP World, which led to a temporary shutdown of operations. Additionally, the government has given the green light for a 10% increase in the domestic sugar price. This decision aims to assist sugarcane producers who are facing higher production costs. Thailand is the world's second-largest sugar exporter and has experienced reduced sugar production this year due to drought conditions, resulting in an estimated production of 8 million metric tons . Out of this, 2.5 MMT will be used domestically, while 5.5 MMT is earmarked for export.
Furthermore, rising fuel costs have prompted cane crushers to prioritize more profitable ethanol production over raw sugar, further constraining the supply of sugar.CONGRESS — Johnson to consider two-step CR under suspension of the rules. Support for House Speaker Mike Johnson's "two-step CR" was weak among House Republicans, leading to the decision to consider the bill under suspension of the rules. This process requires a two-thirds majority for passage, or 290 yes votes.
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