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The 100-point turnaround in the FTSE yesterday provided a backdrop to today’s more tentative showing, with markets looking decidedly indecisive as to where to go from here.
With both the European Central Bank and Federal Reserve having acted, we are seeing somewhat of a comedown within financial markets, where direction and conviction appear to be lacking.
A general lack of economic announcements over the festive period means that any relatively lesser figures will likely be treated with a greater degree of importance.
The US GDP figure this afternoon will thus provide markets with a central focus despite the fact that this represents merely a revision, rather than the more keenly watched advance reading.
With tomorrow’s calendar providing both UK and Canadian GDP, alongside the US core PCE number, there is a hope that perhaps these economic announcements will drive direction for markets as we head into Christmas.