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Wall Street closed lower on Wednesday after US retail sales figures came in at 1.3% for October which was higher than expectations, after levelling off in September, indicating consumers are still spending despite interest rates being aggressively hiked month on month. The Dow Jones closed flat, the S&P500 fell 0.71%, and the Nasdaq ended the session down 1.51%. Yesterday, former US President Donald Trump also announced he will be running for the Republican presidential nomination in 2024, nearly 2-years after allegedly inspiring the deadly Capitol riot. The hotter than expected retail figures come despite Target warning of weaker consumer demand to come and that the department store giant had instilled a multi-billion-dollar cost-cutting plan which sent shares in the company down 13% on Wednesday.
Over in Europe, markets also closed lower as geopolitical tensions rise in the wake of escalating tensions between Russia and Ukraine. The STOXX600 fell 1%, Germany’s DAX lost 1% and the French CAC shed half a percent. In the UK the FTSE100 also closed 0.25% lower on Wednesday.
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