Markets are fairly stable as we enter the holiday period following the passing of the tax bill although there will be a fair bit of US data released later on today which could produce some exaggerated volatility in thin conditions. The US$ is mostly mixed although stocks are higher after the Q3 GDP data indicated that the U.S. economy grew at its fastest pace in more than two years, at 3.2% annualised last quarter, underpinned by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week. In other data on Thursday, the number of Americans filing for unemployment benefits last week came in at 245K, suggesting that the underlying trend in jobless claims remained consistent with a tightening labor market.
Looking ahead today, the Q3 UK GDP will be released but it is then all rather thin until the US session when we get the Durable Goods, the Michigan Consumer Sentiment Index, Kansas Fed Mfg Activity, New Home Sales and the Personal Consumption/Expenditure Index Price Index. I won’t be watching! Next update will be mid next week. Have a good Christmas.
|INDICES / COMMODITIES|
|OIL (WTI): 58.22|