For those of you on the hunt for Black Friday deals , my colleague Martin Belam has you covered with a dedicated live blog.
Crucially, he’s looking out for ethical and sustainable ways to mitigate the environment impact of one of the most hyped-up shopping days of the year:
Europe’s stock markets have opened and are not off to a great start:
- FTSE 100 down -0.5%
- Germany’s Dax down -0.5%
- France’s CAC 40 down -0.3%
- Italy’s FTSE MIB down nearly -0.6%
HSBC to refund customers £8m after breaking overdraft rules
The Competition and Markets Authority said both Santander and HSBC broke rule requiring them to send text alerts to customers before charging them for going into unauthorised overdrafts.
It is meant to give customers the chance to shift cash to avoid any penalties.
HSBC is now refunding £8m to 115,000 customers for the breach, which first took place in February 2018 (the date that the new rules came into force).
Santander is also set to issue a refund but still has to confirm how many customers were affected before handing back their cash.
NEWSFLASH: Npower planning to cut up to 4,500 jobs
Energy company npower could also end up closing most of its sites in the UK as a result.
It’s part of a two year restructuring plan meant to boost profits for its German owner E.ON.
The Unison union said it was a “cruel blow” for staff in the run-up to the holidays:
They’ve been worried about their jobs for months. Now their worst fears have been realised, less than a month before Christmas.
My colleague Mark Sweney has the story here:
Introduction: UK consumer confidence stalls
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Brexit uncertainty and the potential outcome of the 12 December general election are still spooking consumers, who are in “wait and see mode” until the dust settles.
That’s according to the latest GfK consumer confidence index, conducted on behalf of the European Commission, which remained at -14 in November. That was in line with economist forecasts and is the joint-lowest reading since 2013.
The latest results also mark nearly four years since consumer confidence was in positive territory.
It’s not a great sign for the UK economy, which just dodged a recession in the third quarter. Consumer spending has been a bright spot for the economy as businesses continue to cut or delay investment decisions due to the uncertainty.
Joe Staton, a client strategy director at GfK, said:
Uncertainty is nobody’s friend. So, while many issues are under the spotlight in this election, political parties will need to satisfy voters that they will be effective for the wider economy and that, as a consequence, people will be better off next year and beyond. Consumers need to be convinced they will be able to balance their personal accounts beyond ‘just about managing’. Fantasy economics alone will not guarantee votes.
In other news, we have flash estimates for Eurozone inflation for November due this morning and unemployment figures for the Eurozone, too.
- 9:30am GMT: UK mortgage approvals and net mortgage lending
- 10am GMT: Eurozone inflation flash estimate for November
- 10am GMT: Eurozone unemployment for October