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Before the Fed statement investors will have U.S. retail sales data for November to digest. The consensus in the markets is that retail sales rose a monthly 0.6 percent during the month. "Failure to deliver has the potential to shake investor confidence," said Ben Critchley, a senior sales trader at IG Index. The figures are particularly important because they shine a light on the state of consumption in the United States, a key driver of growth. The U.S. retail spending accounts for around 70 percent of the world's largest economy. Figures during the European session failed to have much of a market impact. Lower-than-anticipated industrial production growth of 0.7 percent in the eurozone in October was largely offset by a fairly solid German investor sentiment survey from the ZEW research institute. Its index rose for the first time after six straight slides to 4.3 points in December from 1.8 in November. Investors are also keeping a close watch on developments in China after figures recently showed the country's inflation rate surged to 5.1 percent in November amid higher costs for food and utilities. Financial markets are wondering if another interest rate increase is on the cards following an earlier one in October. Earlier in Asia, Hong Kong's Hang Seng climbed 0.5 percent to 23,431.19 and China's benchmark Shanghai Composite Index gained 0.1 percent to 2,927.08. Japan's Nikkei 225 stock average added 0.2 percent to 10,316.77 while Australia's S&P/ASX 200 advanced 0.2 percent to 4,766.90. Benchmark crude for January delivery was down 9 cents at $88.52 a barrel in electronic trading on the New York Mercantile Exchange.
[Associated
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