Next Week’s News Today: It’s Beginning To Look A Lot Like Christmas

Next Thursday is the fourth Thursday in November, which can mean only one thing – Thanksgiving Day in the US of A. The US markets will be closed on Thursday.

It also means that the Friday after Thanksgiving Day is Black Friday, which signals the start of the Christmas shopping season in the US. It is called “Black Friday” not because of its dark connotations, but because it is supposed to mark the day of the year when unprofitable retailers could move from being in the “red” to being in the “black”.

Staying in America, the US Bureau of Economic Analysis will be providing revisions to its estimates for growth in the third quarter next week. In its first estimate, the US economy grew at an annualised rate of 1.5% in the three months to September. Whilst growth was lower than in the previous quarter, the US has nevertheless grown in every quarter since April 2014.

Elsewhere, the health of corporate America will be on show on Tuesday. In the three months to June, corporate profits rose 2.6% from the previous quarter to US$1.5 trillion. There are concerns that US companies can no longer rely on cost cuts and productivity improvements to drive profits. Consequently, corporate profits may struggle to rise further unless they are accompanied by revenue growth.

Turning to matters at home, Singapore narrowly escaped a technical recession when it reported growth of 0.1% in the three months to September. A final revision (if it is upwards), which is due on Wednesday, could help confirm that the local economy is on the rights tracks in the run up to the end of the year.

However, whilst growth is expected to be positive, the rate of inflation is decidedly negative. Consumer prices have fallen for 11 months on the trot. Prices in Singapore have fallen as a result of declines in the cost of housing and energy costs. Additionally, food prices have not risen as quickly. But core inflation, which excludes the cost of accommodation and private road transport, rose.

And finally, Christmas has come to Orchard Road through the Best Dressed Building Contest. Voters can choose their favourite Orchard Road building from Friday 20 November to Saturday 5 December by downloading a free mobile app called OneOrchard. Amongst the buildings to choose from are Paragon, which is owned by SPH REIT (SGX: SK6U), ION Orchard, which is part of CapitaLand (SGX: C31) and Mandarin Gallery, which is owned by OUE (SGX: LJ3).

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore Director David Kuo doesn’t own shares in any companies mentioned.