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In today's shortened session, the FTSE 100 is moving higher as traders prepare to pop the Champagne corks. Not only will they be celebrating in honour of New Year’s Eve, but also because 2013 has been a stellar year for the stock market. 2014 will be an interesting period for global equity markets, as the reporting season will begin in mid-January and the US debt ceiling discussions will be next on the agenda.
The rally in global equity markets this year has been in stark contrast to safe-haven metals like gold, which has suffered its biggest annual loss in over three decades.
The eurozone has managed to shake its debt-crisis image, even though little has actually improved in terms of fundamentals, and 2014 could be a difficult year for the euro if the European Central Bank decides to pursue interest-rate cuts. The turnaround in the British economy could prompt the Bank of England to follow the Federal Reserve's lead and tighten its monetary policy.