The big news of the day from America was Trump’s former lawyer, Michael Cohen, pleading guilty to charges of lying to Congress. Trump called Cohen ‘weak’ and claimed that he is lying to get a reduced sentence. Importantly, Cohen said that Trump continued trying to develop tower in Moscow months into presidential campaign. This could well be the start of something big.
Initial jobless claims surprisingly jumped up to 234,000 in the week ending 24 November from the previous week’s unrevised level of 224,000. Markets had been expecting a drop to 220,000. There won’t be too much concern over the data, as it is possible that Thanksgiving celebrations played a part in the figures. It will be interesting to see what the reading is next time around.
Today is extremely quiet for US economic data, but it wouldn’t be a surprise if we saw continued fallout from the Trump and Cohen situation. Expect some defensive Tweets from the former reality television star.