2025-12-02 00:00

Online spending on Black Friday rose 9% from last year Wealthy online shoppers drive Cyber Monday sales growth Lower-income consumers hunted for deals at Walmart, Target Dec 1 (Reuters) - U.S. consumers shrugged off worries about the economy after their Thanksgiving dinners and went on a $23.6 billion three-day online shopping frenzy that exceeded analyst expectations, kicking off the holiday season. Adobe Analytics said online spending on Monday was up 4.5% from last year $9.1 billion from midnight through 6:30 p.m. ET (2330 GMT). Adobe projected that before the end of Cyber Monday, consumers would spend between $13.9 billion and $14.2 billion online, which would bring online spending to roughly $43.7 billion for the five-day period including Thanksgiving. Sign up here. Expectations were mixed heading into the holiday weekend due to weak consumer confidence and tariff-fueled inflation. Yet wealthy consumers spent freely, while others made room in tight budgets to buy presents for loved ones. Big discounts helped tempt buyers, and some Americans even took on short-term debt to buy gifts. Adobe projected that Americans would spend upto 6.3% more online than last year's Cyber Monday, traditionally the country's biggest online shopping day. Holiday shoppers "spent their wallets, not their psyches," said Mark Mathews, chief economist with the National Retail Federation. Despite the recent U.S. government shutdown and weak consumer confidence, he said, other indicators like wage growth remain strong. U.S. online spending on Black Friday hit a record $11.8 billion, according to Adobe, which tracks shopper visits to online retail websites. But consumer unease is emerging in other ways. Analysts at Kantar, who run shopper surveys and visit stores, said consumers made fewer impulse buys this year, while signs at brick-and-mortar stores like Walmart (WMT.N) , opens new tab and Target (TGT.N) , opens new tab contained language about discounts that was clearer and more specific and detailed than usual. It reflects shoppers who were "on alert for being misled" about Black Friday deals, said Rachel Dalton, Kantar's head of retail insights. She said big retailers like Amazon (AMZN.O) , opens new tab were running more discounts than usual on higher-priced items like tech gadgets, suggesting even wealthy consumers were growing more price-conscious. MORE DISCOUNTS Some stores extended Black Friday discounts to items they normally would not, like household essentials, said Jack O'Leary, e-commerce thought leader at consumer intelligence firm NielsenIQ. Amazon was running discounts on both higher-priced items like earbuds and computers, and essentials like batteries. "We have prices that are 30, 50, 60% off," said J. Ofori Agboka, Amazon's vice president of people experience and technology. "People can enjoy to their heart's content." Early data suggests wealthier consumers spent more freely, said Marshal Cohen, chief retail advisor at consumer research firm Circana. Lower-income shoppers, who received government stimulus funding during the pandemic, have spent those funds, noted NRF's Mathews. Overall growth in online holiday spending has slowed since the pandemic. Adobe data show single-digit upticks each of the last five years, after double-digit growth each year between 2015 and 2020. BUY NOW, PAY LATER As finances have tightened, short-term loan services like Affirm (AFRM.O) , opens new tab and Klarna (KLAR.N) , opens new tab have grown more popular. CivicScience, a research firm that embeds consumer surveys in news and lifestyle websites, found that 38% of respondents used buy-now-pay-later (BNPL) services for at least one purchase over Black Friday weekend - the majority being young, lower-income shoppers. Adobe's data show that Black Friday BNPL use grew 9% from last year. For Cyber Monday, Adobe expects it to top the $1 billion mark, a 5% uptick over last year. Consumers also made strong use of chatbots and other AI features to compare prices and secure discounts. AI-driven traffic to U.S. retail sites is expected to increase nearly eightfold from last year, Adobe said, when AI-driven shopping companions like Walmart's Sparky or Amazon's Rufus did not exist. CivicScience found that 40% of survey respondents over the weekend used AI tools to help with purchases or shopping decisions. Among serious users - those who used it for multiple items - 87% were under age 45, CivicScience found. https://www.reuters.com/business/finance/cyber-monday-spending-us-hit-142-billion-adobe-analytics-forecasts-2025-12-01/

2025-12-01 23:44

Trump rejected Maduro's requests for amnesty, sanction removal, sources say Maduro's safe passage offer expired, prompting US airspace closure, sources say Maduro proposed Delcy Rodriguez lead interim government before new elections, sources say Maduro's administration seeks another call with Trump, sources say Dec 1 (Reuters) - Venezuela's President Nicolas Maduro is running out of options to step down and leave his country under U.S.-guaranteed safe passage, following a short call with U.S. President Donald Trump last month where Trump refused a series of requests from the Venezuelan leader, according to four sources briefed on the call. The call, on November 21, came after months of increasing U.S. pressure on Venezuela, including strikes against alleged drug-smuggling boats in the Caribbean, repeated threats by Trump to extend military operations to land and the designation of Cartel de los Soles, a group the Trump administration says includes Maduro, as a foreign terrorist organization. Sign up here. Maduro and his government have always denied all criminal accusations and say the U.S. is seeking regime change to take control of Venezuela's vast natural resources, including oil. Maduro told Trump during the call he was willing to leave Venezuela provided he and his family members had full legal amnesty, including the removal of all U.S. sanctions and the end of a flagship case he faces before the International Criminal Court, three of the sources said. He also requested removal of sanctions for over 100 Venezuelan government officials, many accused by the U.S. of human rights abuses, drug trafficking or corruption, according to the three people. Maduro asked that Vice President Delcy Rodriguez run an interim government ahead of new elections, according to two of the sources. Trump rejected most of his requests on the call, which lasted less than 15 minutes, but told Maduro he had a week to leave Venezuela for the destination of his choice alongside his family members. That safe passage expired on Friday, prompting Trump to declare on Saturday that Venezuela's airspace was closed, two of the sources said. The Miami Herald , opens new tab previously reported several details of the call. The Friday deadline had not been previously disclosed. Trump on Sunday confirmed he had spoken with Maduro, without providing details. The White House declined to elaborate further, and Venezuela's information ministry, which handles all press inquiries for the government, did not immediately reply to requests for comment. The Trump administration has said it does not recognize Maduro, in power since 2013, as Venezuela's legitimate president. He claimed a re-election victory last year in a national ballot that the U.S. and other Western governments dismissed as a sham and which independent observers said the opposition won overwhelmingly. Speaking to marchers, Maduro on Monday swore "absolute loyalty" to the Venezuelan people. It is unclear if Maduro can still make a fresh proposal involving safe passage. Trump held talks on Monday with top advisers to discuss the pressure campaign on Venezuela, among other topics, a senior U.S. official said. A Washington-based source briefed on the Trump administration's internal discussions did not rule out the possibility of a negotiated exit for Maduro, but stressed that significant disagreements remained and important details were still unresolved. The U.S. has raised a reward for information leading to Maduro's arrest to $50 million and has $25 million rewards out for other top government officials, including Interior Minister Diosdado Cabello, who have been indicted in the U.S. for alleged drug trafficking, among other crimes. All have denied the accusations. Maduro's administration has requested another call with Trump, according to the three sources. https://www.reuters.com/world/americas/trump-rejected-maduro-requests-call-options-narrow-venezuela-leader-sources-say-2025-12-01/

2025-12-01 23:38

SEOUL, Dec 2 (Reuters) - South Korea's consumer prices rose 2.4% in November from a year earlier, driven by higher food and services costs, bolstering the case for the Bank of Korea to maintain interest rates at the current level for longer. The consumer price index was roughly in line with median forecasts for a 2.35% figure, but stayed above the BOK's inflation target level of 2% for a third straight month. Sign up here. An index on prices of agricultural and fishery products increased 5.6% from a year earlier, mainly because prices of fresh produce, including rice and mandarins, soared 18.6% and 26.5%, respectively. The BOK kept interest rates unchanged for a fourth straight meeting at 2.50% last week as a tumbling won currency reduced the scope for further easing and signaled the bank could be nearing the end of its current rate cut cycle. "Processed food prices remain high, having risen sharply in the first half of the year. This is due to the impact of adverse weather conditions, including frequent rain, and the won's declines, which has led to a sharp increase in the price of agricultural, fishery, and petroleum products," Finance Minister Koo Yun-cheol said at a policy meeting. The median analyst expectation is now for one more cut in the first quarter of next year and then a prolonged pause. The consumer price index declined 0.2% on a monthly basis, compared with a 0.25% decline expected by economists. Core inflation, which excludes volatile food and energy components, was up 2.0% from a year ago. https://www.reuters.com/world/asia-pacific/south-korea-nov-headline-inflation-24-yy-expected-2025-12-01/

2025-12-01 23:00

HOUSTON, Dec 1 (Reuters) - Lawyers representing Venezuela, refiner Citgo Petroleum, its parent companies and miner Gold Reserve (GRZ.V) , opens new tab on Monday appealed against an order last week from a Delaware judge that approved the sale of PDV Holding's shares. Delaware Judge Leonard Stark last week authorized the sale of Citgo parent PDV Holding to an affiliate of hedge fund Elliott Investment Management, following the confirmation of the company's $5.9 billion bid in a court-organized auction. Sign up here. The transaction is pending approval from the U.S. Treasury Department, but Elliott's affiliate Amber Energy has said it expects it to close next year. "The forced sale process has been marked by deficiencies and irregularities, including a conflict of interest involving advisers to the court," the Venezuelan parties said in a release last week. Amber and a court officer overseeing the auction have denied any wrongdoing. Gold Reserve's appeal, filed before the U.S. Court of Appeals for the Third Circuit, challenges the sale order and all prior orders and decisions supporting it, including Judge Stark's opinion on the best bid submitted. Venezuela and rival bidder Gold Reserve had previously filed objections to Amber's bid and motions to disqualify the judge and advisors the court selected to evaluate the offers, which were denied by Judge Stark. The sale process aims to compensate up to 15 creditors for debt defaults and asset expropriations in Venezuela. If the transaction is completed, companies including miners Crystallex and Rusoro (RMV.L) , opens new tab and oil producer ConocoPhillips (COP.N) , opens new tab are set to recover billions from auction proceeds. https://www.reuters.com/legal/litigation/venezuela-challenges-us-judges-sale-order-citgo-parent-before-appeals-court-2025-12-01/

2025-12-01 22:05

ORLANDO, Florida, Dec 1 (Reuters) - Global bond yields rose and stocks fell on Monday after Bank of Japan Governor Kazuo Ueda hinted that interest rates may rise later this month, cooling investor optimism around an expected U.S. rate cut and getting December trading off to a rocky start. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Sign up here. Today's Key Market Moves Today's Talking Points * Japan's Ueda scares the horses A heavy wave of equity and bond selling in Japan rippled through global markets on Monday, as investors braced for a Bank of Japan rate hike on December 19. Interestingly though, for once the spike in JGB yields lifted the yen. Has the Japanese currency bottomed? The prospect of an imminent rate hike intensifies the spotlight on JGBs, how much longer Japan's consumers and businesses can tolerate surging yields, and the fiscal-monetary policy nexus. Prime Minister Sanae Takaichi's planned fiscal stimulus may not be accompanied by her preferred monetary accommodation after all. * High-ho, silver lining The latest run-up in silver means the metal has now doubled in price so far this year. Silver hit a record high of $58.83 an ounce on Monday, up 104% from the $28.87 close on December 31. It is up as much as 20% in the last week alone. Tight supply, the prospect of more Fed easing, investor diversification, and bullish momentum have all fueled the surge. Silver has shown remarkable resilience in recent weeks, consolidating and even strengthening when gold, stocks, crypto and other assets have retreated to varying degrees. * Global manufacturing down in the dumps Global growth may be holding up ok, but tariffs and trade tensions are taking their toll on manufacturing - the latest purchasing managers' index (PMI) figures show activity in the United States, euro zone, China and Japan contracted last month. Factory activity in the U.S. has now shrunk nine months in a row, suggesting that President Donald Trump's plans to onshore and ultimately revive U.S. industry have yet to bear fruit. There are some bright spots - notably Britain and Italy - but overall it's a fairly gloomy picture. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-12-01/

2025-12-01 21:21

Dec 1 (Reuters) - Pipeline operator Targa Resources (TRGP.N) , opens new tab said on Monday it would buy Stakeholder Midstream in a $1.25 billion all-cash deal, expanding its processing capacity in the key Permian Basin. Dealmaking in the midstream sector has been picking up pace as companies look to cut costs or add scale and gain access to attractive oil- and gas-producing regions, as well as export facilities on the U.S. Gulf Coast. Sign up here. "This acquisition is a nice bolt-on asset that has meaningful free cash flow supported by a stable to modestly growing volume profile with minimal capital needs and executed at an attractive valuation," Targa CEO Matt Meloy said in a statement. Targa expects Stakeholder to generate adjusted free cash flow of about $200 million annually. U.S. midstream companies are also benefiting from rising natural gas demand driven by LNG exports and soaring power generation tied to AI operations, cryptocurrency mining and data centers. In November 2024, Energy Transfer (ET.N) , opens new tab said it would buy WTG Midstream Holdings for about $3.25 billion, expanding its transportation and processing footprint in the Permian. Targa expects to fund the acquisition, which is expected to close in the first quarter of 2026, with cash and its existing $3.5 billion revolving credit facility. https://www.reuters.com/business/energy/targa-resources-acquire-stakeholder-midstream-125-billion-2025-12-01/