Weekly market commentary - 24 November 2023

The outlook for the UK and the US rests in part on consumer confidence and how that translates to spending. Confidence has unexpectedly improved in the UK, but remains negative and there is another energy price hike coming in January. Meanwhile US consumer confidence has weakened slightly and some data points to a slowdown in retail spending. US markets were positive in advance of the Thanksgiving holiday and investors will be looking at whether this positivity carries through to the annual retail spending bonanza that is Black Friday.

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