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Stock markets in Santa rally as soft landing hopes lift shares
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Stock markets in Santa rally as soft landing hopes lift shares
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UK students launch Barclays ‘career boycott’ over bank’s climate policies
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Tories to promise help for first-time buyers in effort to lure voters, say reports
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‘There isn’t enough cooking oil in the world to power one day of green aviation’
The stock market story of 2023?  
The growing domination of US tech
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‘Free-from’ food increasingly unaffordable in UK, experts warn
Today's agenda
Global stock markets are embarking on an end-of-year "Santa rally", as City traders and investors return to their desks after the Christmas break, for the final push into 2024.

Optimism that central banks will start to lower interest rates in 2024, and cut several times next year, continues to push shares higher.

Yesterday the US stock market rallied again, with shares higher in light trading – lifting the S&P 500 index to its highest intraday level in almost two years.

That leaves the S&P 500 less than 1% below its closing all-time high of 4,796.56 set in January 2022.

The rally indicates investors are more confident that US policymakers can achieve a "soft landing" – pushing down inflation without causing a recession. Last Friday, the US PCE index showed inflation decelerated last month.

Asia Pacific has picked up the baton, with China’s CSI 300 index up 0.4% and Japan’s Nikkei gaining more than 1%.

Hong Kong’s Hang Seng index has jumped 1.8%, as Chinese regulators appeared to soften a new crackdown on online gaming by approving a batch of new games.

The S&P/ASX 200 index has gained 0.8%, and hit its highest level since late April 2022 as trading resumed for the week.

The UK’s FTSE 100 share index has jumped by 35 points, or 0.45%, to 7,732 points – towards the seven-month high set last week.

Mining companies are leading the risers, with Anglo American up 2.4% and Glencore gaining 1.9%.

Germany’s Dax and France’s CAC gained 0.1% at the open.

Some metal prices are rising this morning after China’s factories reported a rise in profits.

China’s November industrial profits rose by 29.5% year on year in November, the National Bureau of Statistics reported this morning, up from October’s 2.7% expansion.

The agenda
• Noon GMT: MBA weekly US mortgage applications
• 3pm GMT: the Richmond Federal Reserve Manufacturing Index

We’ll be tracking all the main events throughout the day ...
Opinion
In Britain’s trade-off laden tax system there’s no such thing as a free lunch
In Britain’s trade-off laden tax system there’s no such thing as a free lunch
 

Marina Hyde

Guardian columnist

Person Image

Hello to you, dear reader!

When the former Albanian dictator Enver Hoxha delivered his New Year message back in 1967, he pulled the cord marked “truth bomb”. “This year will be harder than last year,” he declared. “It will, however, be easier than next year.” I mean … on the one hand: thanks for not sugar-coating it, Enver. On the other: way to kill the party buzz, you monster!

I don’t want to murder the atmosphere (or indeed any dissidents) by reminding you of the news year you’ve just lived through – or by warning you of the news year you’re about to live through. It’s not big, it’s not clever, and it’s sure as heck not seasonal.

But I will say, pointedly, that our reporting feels particularly necessary in dark times – even if we have had only one prime minister this year.

If you can, please help support the Guardian, so as to keep it open for everyone. I can’t tell you how much it would be appreciated. A free press is needed now as much as it has ever been – and on some days, more than it has ever been.

In return for this support, I am formally* bestowing upon you the right to refer to yourself – in conversation, in the pub, and on any business cards you may care to have printed up – as “a newspaper baron”. Face it: if you pay to support a news organisation, then you ARE to all intents and purposes a newspaper baron. Just enjoy it! All the others do.

With that, it simply remains is for me to wish you a very happy holidays, and a splendid new year. Goodness knows you’ve earned it.

*not formally

 
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