An employee helps shoppers at a grocery outlet in Virginia, US. Associated Press
US retail sales increased less than expected in November as Americans cut back on discretionary spending despite a strong labour market, raising fears the economy was slowing a bit faster than anticipated in the fourth quarter.
US retail sales rose more than expected in June as consumers bought major items like motor vehicles and dined out, but a resurgence in new COVID-19 cases is chipping at the budding recovery, keeping 32 million Americans on unemployment benefits.
Retail companies in the United States (US) are using promotions to boost sales during the weak shopping season. Amazon.com’s Prime Day is now a major marketing opportunity and shopping event in the annual calendar for other US retail
Asian shares rose on Wednesday after a strong lead from Wall Street fuelled by hopes for additional U.S. economic stimulus and a coronavirus vaccine, but trade was choppy as some investors booked profits.
Healthy off-take on the back of festive season accelerated major automobile players’ year-on-year sales during November. However, some companies reported a slower off-take on the sequential basis.
Fitch downgraded Sri Lanka’s sovereign credit rating to ‘CCC’, warning the country’s debt levels were set to soar past 100% of GDP and that it was increasingly at risk of default.