News updates from November 22: Trump expected to pick Bessent as Treasury secretary; UK business activity slumps to 13-month low

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Financial Times 3d ago

News updates from November 22: Trump expected to pick Bessent as Treasury secretary; UK business activity slumps to 13-month low - Financial Times

Quick Summary:

Earlier in the day, a preliminary S&P Global survey estimate showed that US business activity rose the most in more than two and a half years this month, helped by improved growth in the country’s services sector.

The US PMI composite output index, which combines activity across the services and manufacturing sectors, hit a 31-month high of 55.3 from 54.1 in October “solely” because of the performance of the former.“A concern is that growth remains heavily reliant on the services economy, with manufacturing production declining at an increased rate,” S&P Global’s Chris Williamson said.

Tapestry shares closed 4.4 per cent higher, but rose as much as 5.8 per cent during morning trading on Wall Street to reach their highest intraday level since May 2013.