Business Update for 11/29/13

Business news for Friday, November 29

NEW YORK (AP) — The major stock indexes are at record levels. The market has surged this year on a combination of solid corporate earnings, a slowly recovering economy and easy-money policies from the Federal Reserve. On Wednesday, the S&P 500 closed at an all-time high of 1,807. The Dow closed at its own record high of 16,097. And the Nasdaq advanced to 4,044. Futures point to gains at this morning's opening of a short session.

BEIJING (AP) — Trading was light and Asian stock markets were mixed today as traders awaited European inflation data and the first day of the U.S. Christmas shopping season. In Europe, German and British shares inched up while French stocks were unchanged in early trading as official figures show inflation in the 17-country eurozone rose modestly in November. That may ease pressure on the European Central Bank to loosen its monetary policy. The dollar fell against the euro and rose against the yen. Benchmark crude oil rose above $92.50 a barrel.

UNDATED (AP) — More than a dozen major retailers pushed holiday shopping into Thanksgiving Day this year, potentially changing the usual Black Friday landscape. While there has been some pushback by workers' rights groups and some shoppers, Thanksgiving openings took a bite out of Black Friday sales last year. Retail consultant Craig Johnson says "Black Friday is now Gray Friday."

BRUSSELS (AP) — Official figures show inflation in the 17-country eurozone rose modestly in November, a development that may ease pressure on the European Central Bank to loosen its monetary policy further next week. Eurostat, the EU's statistics office, estimated that consumer prices were up 0.9 percent in the year to November. That was up from October's 0.7 percent rate and slightly ahead of market expectations for 0.8 percent. Inflation remains well below the ECB's target.

BERLIN (AP) — German retail sales dropped for the second month in a row in October, underlining concerns abroad that Europe's largest economy is overly dependent on its exports to drive growth. The Federal Statistical Office reports today that retail sales were down 0.8 percent compared with September. They dropped 0.2 percent the previous month. The U.S. recently urged Germany to try to boost domestic demand, saying its large trade surplus was causing problems for its eurozone partners.