Bring on the Turkey! Wrap up the presents, bake those mince pies, and make sure all the booze is bought because there will be little going on in the financial markets on the final trading week before Christmas - or the one after.
The corporate news diary is, not unsurprisingly, almost completely empty, while after a big week for economic data and central bank meetings, the macro calendar is also pretty Spartan.
Two surveys from the Confederation of British Industry will be the main focus, for both UK manufacturing and the retail sector, while the latest services sector data and final reading for UK third quarter growth could attract some attention on the final day of the week.
Last month, the CBI Distributive Trades Survey reported a pick-up in retail sales following a dip in October, but the report also highlighted the strongest growth in average selling price in over 26 years, highlighting the march of inflation.
Official November data recently from the Office for National Statistics showed that ‘Black Friday’ helped to propel retail sales 1.6% higher from a year earlier, with a particular uplift in sales of electrical household appliances.
However, analysts said that Black Friday had distorted sales and retailers still face challenging conditions, so the early signs from the CBI report for the key pre-Christmas December period will be closely eyed.
UK manufacturing close to booming
Meanwhile, if recent surveys are any guide, UK manufacturing is close to booming, with the purchasing managers indexes rising sharply and last month’s CBI Industrial Trends Survey pointing to the strongest rise in manufacturing in 30 years.
Investors will therefore be hoping that December’s CBI industrial trends survey – due on Tuesday - will see a continuation of this encouraging trend.
But while UK manufacturing has been showing signs of strong recovery, and construction is at last expanding again, the key services sector has not performed so well.
In the three months to September, the services sector expanded by 0.4%, but for the UK economy to grow at the kind of pace seen for much of 2016, it needs services to do better.
October’s official index of services data from the ONS on Friday could hopefully see an improvement, but the final UK growth numbers for the third quarter are unlikely to be revised.
Significant events expected in the next two weeks:
Monday December 18
Interims: Goodwin PLC (LON:GDWN)
AGMs: Minds + Machines Limited (LON:MMX), Mosman Oil And Gas Limited (LON:MSMN), Proactis Holdings PLC (LON:PHD)
Tuesday December 19:
Finals: Carnival PLC (LON:CCL)
Interims: Kromek Group PLC (LON:KMK)
AGMs: Applied Graphene Materials PLC (LON:AGM), Blancco Technology Group PLC (LON:BLTG), DotDigital Group PLC (LON:DOTD)
Economic data: German IFO business climate data; US housing starts
Wednesday December 20:
AGMs: Avation PLC (LON:AVAP). Creo Medical Group PLC (LON:CREO), Green Dragon Gas Limited (LON:GDG), Webis Holdings PLC (LON:WEB)
Economic data: CBI distributive trades survey; US existing home sales
Thursday December 21:
AGMs: Karelian Diamond Resources PLC (LON:KDR), Plexus Holdings PLC (LON:POS), Trinity Capital PLC (LON:TRC), Transense Technologies PLC (LON:TRT)
Ex-dividends: To click 0.5 points off FTSE 100 - Burberry Group PLC (LON:BURB), United Utilities PLC (LON:UU)
Economic data: UK public sector finances; US final Q3 GDP; US weekly jobless claims; Philly Fed business outlook
Friday December 22:
Half-day trading in London (12.30pm close)
AGMs: BOS GLOBAL Holdings Limited (LON:BOS), Mobile Streams PLC (LON:MOS), Progility PLC (LON:PGY), Red Rock Resources PLC (LON:RRR)
Economic data: US durable goods; US new home sales; US personal income and consumption
Monday December 25
CHRISTMAS DAY – London Markets closed
Tuesday December 26:
BOXING DAY – London Markets closed
Wednesday December 27:
AGM: Sirius Petroleum PLC (LON:SRSP)
Economic data: UK BBA mortgage lending figures; US consumer confidence; US pending home sales
Thursday December 28:
AGM: Lionsgold Limited (LON:LION)
Ex-dividends: BT Group PLC (LON:BT.A), British American Tobacco PLC (LON:BATS)
Economic data: Nationwide UK house prices; US weekly jobless claims; US international trade in goods
Friday December 29:
Half-day trading in London (12.30pm close)
AGMs: Anadalas Energy and Power PLC (LON:ADL), Eco (Atlantic) Oil & Gas Limited (LON:ECO), Regency Mines PLC (LON:RGM), Sabien Technology Group PLC (LON:SNT), Secure Property Development & Investment PLC (LON:SPDI), Trading Emissions PLC (LON:TRE)
Economic data: GfK UK consumer confidence; US Chicago PMI