FTSE 100 drifts in quiet session

Stocks have been unable to summon up much festive cheer, but at least the FTSE 100 is heading off to Christmas with a better year behind it than some of its peers.

FTSE 100 edges up in shortened session

“Unless US markets can stage something of a late save this afternoon, it is going to be a rather sour end to the year for stocks. In such a tough year for stocks, it is an achievement for the FTSE 100 to finish for Christmas more or less flat for the year so far, while others have suffered much more. But with the global economy staring a recession in the face there is unlikely to be too much optimism heading into the new year.”

Dollar’s run has ended for now

Despite expectations of more rate rises in the US, the dollar seems to have lost its sparkle. 2022 was the greenback’s year, but the Fed has dialed back the hawkish rhetoric, leaving the US currency looking more vulnerable to further declines, even if the US economy avoids the hard landing so many fear.”

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