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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/dec/24/oil-price-stock-markets-pre-christmas-rally-business-live
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| Version 9 | Version 10 |
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| Santa Rally drives London stock market to three-week high - as it happened | Santa Rally drives London stock market to three-week high - as it happened |
| (about 1 month later) | |
| 1.07pm GMT | 1.07pm GMT |
| 13:07 | 13:07 |
| FTSE 100 hits three-week high. | FTSE 100 hits three-week high. |
| Roll out the brandy butter and put on the party hats. | Roll out the brandy butter and put on the party hats. |
| The London stock market has closed, and won’t reopen until Tuesday 28th. | The London stock market has closed, and won’t reopen until Tuesday 28th. |
| It was a fairly subdued day’s trading, in truth. The FTSE 100 index of blue-chip shares has closed 13 points higher at 6254, a gain of 0.2%. Investors didn’t have much more to give, after driving shares up strongly yesterday. | It was a fairly subdued day’s trading, in truth. The FTSE 100 index of blue-chip shares has closed 13 points higher at 6254, a gain of 0.2%. Investors didn’t have much more to give, after driving shares up strongly yesterday. |
| Trading volumes were thin - with just 110 million shares bought and sold, compared to almost 600m yesterday. | Trading volumes were thin - with just 110 million shares bought and sold, compared to almost 600m yesterday. |
| But that’s still the highest close on the FTSE 100 since December 3rd. Not an epic Santa Rally, but better than a cold snowball in the face. | But that’s still the highest close on the FTSE 100 since December 3rd. Not an epic Santa Rally, but better than a cold snowball in the face. |
| International packaging firm Mondi topped the FTSE 100 leaderboard – which rather sums up the humdrum nature of today’s trading session. | International packaging firm Mondi topped the FTSE 100 leaderboard – which rather sums up the humdrum nature of today’s trading session. |
| It was followed by BP, boosted by the recent recovery in the oil price, and mining firm Anglo American, which announced the sale of a coal mine in Australia to bolster its cash reserves. | It was followed by BP, boosted by the recent recovery in the oil price, and mining firm Anglo American, which announced the sale of a coal mine in Australia to bolster its cash reserves. |
| London outperformed the rest of Europe - at least those parts where stock markets were still open. Over in Paris, the CAC 40 closed down 0.3%, or 15 points, at 4659. | London outperformed the rest of Europe - at least those parts where stock markets were still open. Over in Paris, the CAC 40 closed down 0.3%, or 15 points, at 4659. |
| Germany’s Frankfurt bourse remained closed - a sensible decision, it turns out. | Germany’s Frankfurt bourse remained closed - a sensible decision, it turns out. |
| Chris Beauchamp, senior market analyst at IG, sums up the mood: | Chris Beauchamp, senior market analyst at IG, sums up the mood: |
| Volumes are thin across Europe today, with some markets already shut for the holidays. | Volumes are thin across Europe today, with some markets already shut for the holidays. |
| However, in London the session has seen the FTSE 100 add some small gains to its tally for the week, having seen a decent bounce over the last two days. Even now, miners are in the news, having dominated the agenda so much of late. Anglo American has managed to add some small change to its dwindling cash pile as it sells off a coal mine in Australia – disposals were a key theme for miners in recent months, and the fire sale will continue into the New Year. | However, in London the session has seen the FTSE 100 add some small gains to its tally for the week, having seen a decent bounce over the last two days. Even now, miners are in the news, having dominated the agenda so much of late. Anglo American has managed to add some small change to its dwindling cash pile as it sells off a coal mine in Australia – disposals were a key theme for miners in recent months, and the fire sale will continue into the New Year. |
| It has not been a great year for the FTSE 100, which is currently down almost 5% since January, with the FTSE 250 coming out with an 8% gain so far. | It has not been a great year for the FTSE 100, which is currently down almost 5% since January, with the FTSE 250 coming out with an 8% gain so far. |
| And with that, dear readers, I have an appointment with Oxford Street. Hope you have a super Christmas. See you again soon. GW | And with that, dear readers, I have an appointment with Oxford Street. Hope you have a super Christmas. See you again soon. GW |
| 12.49pm GMT | 12.49pm GMT |
| 12:49 | 12:49 |
| Love him or hate him, Yanis Varoufakis was undoubtedly one of the key figures of this year. | Love him or hate him, Yanis Varoufakis was undoubtedly one of the key figures of this year. |
| Some see the former Greek finance minister as a valiant champion of anti-austerity polities, others blame him for driving Greece back into recession, capital controls and a tough third bailout. | Some see the former Greek finance minister as a valiant champion of anti-austerity polities, others blame him for driving Greece back into recession, capital controls and a tough third bailout. |
| As the man himself tells the Guardian: | As the man himself tells the Guardian: |
| “I regret that we were a failure. A heroic failure, but a failure nonetheless.” | “I regret that we were a failure. A heroic failure, but a failure nonetheless.” |
| And with Varoufakis planning to launch a new political movement soon, we’ll surely hear more from him in 2016. Here’s our profile: | And with Varoufakis planning to launch a new political movement soon, we’ll surely hear more from him in 2016. Here’s our profile: |
| Stories of 2015: Yanis Varoufakis, Syriza's anti-austerity motorbiker https://t.co/BDSoZU0R9B | Stories of 2015: Yanis Varoufakis, Syriza's anti-austerity motorbiker https://t.co/BDSoZU0R9B |
| 12.15pm GMT | 12.15pm GMT |
| 12:15 | 12:15 |
| Marks & Spencer is feeling the pre-Christmas love.... its shares are now up 1.1%. | Marks & Spencer is feeling the pre-Christmas love.... its shares are now up 1.1%. |
| They have fallen more than 10% this month, pushed down by fears that it might struggle this Christmas. | They have fallen more than 10% this month, pushed down by fears that it might struggle this Christmas. |
| 11.57am GMT | 11.57am GMT |
| 11:57 | 11:57 |
| So much for the oil price rebounding.... Brent crude is now down 1%, as its early gains evaporate. | So much for the oil price rebounding.... Brent crude is now down 1%, as its early gains evaporate. |
| 11.52am GMT | 11.52am GMT |
| 11:52 | 11:52 |
| Conner Campbell of SpreadEx says the markets look rather weary today, after posting a 2% jump on Wednesday | Conner Campbell of SpreadEx says the markets look rather weary today, after posting a 2% jump on Wednesday |
| Heading into the Christmas break with all the enthusiasm of someone who has received the ugliest jumper imaginable, the markets are failing to capitalise on yesterday’s super surge. | Heading into the Christmas break with all the enthusiasm of someone who has received the ugliest jumper imaginable, the markets are failing to capitalise on yesterday’s super surge. |
| 11.47am GMT | 11.47am GMT |
| 11:47 | 11:47 |
| Trading volumes in the City are exceptionally light. | Trading volumes in the City are exceptionally light. |
| Just 73 million shares have changed hands so far - compared to an average of 588 million over the last few days. You’d almost think investors were busy getting ready for Christmas.... | Just 73 million shares have changed hands so far - compared to an average of 588 million over the last few days. You’d almost think investors were busy getting ready for Christmas.... |
| Is there literally anyone left out there trading? | Is there literally anyone left out there trading? |
| 11.43am GMT | 11.43am GMT |
| 11:43 | 11:43 |
| Raindrops are now slouching their way down the windows of City offices, helping to dampen festive spirits among traders who made the trip into work. | Raindrops are now slouching their way down the windows of City offices, helping to dampen festive spirits among traders who made the trip into work. |
| European markets are generally under a cloud too, with the Stoxx 600 index (which tracks the 600 biggest companies in Europe) now down 0.2%. | European markets are generally under a cloud too, with the Stoxx 600 index (which tracks the 600 biggest companies in Europe) now down 0.2%. |
| 11.31am GMT | 11.31am GMT |
| 11:31 | 11:31 |
| Rather like a festive reveller*, the London stock market is stumbling as it enters the final lap before Christmas. | Rather like a festive reveller*, the London stock market is stumbling as it enters the final lap before Christmas. |
| The FTSE 100 is now up a measly 1 point, with one hour to go until the early Christmas finish. And oil’s early rally is fizzling out too.... | The FTSE 100 is now up a measly 1 point, with one hour to go until the early Christmas finish. And oil’s early rally is fizzling out too.... |
| * - or so I hear.... | * - or so I hear.... |
| 11.23am GMT | 11.23am GMT |
| 11:23 | 11:23 |
| 11.13am GMT | 11.13am GMT |
| 11:13 | 11:13 |
| Rather like the Ghost of Christmas Past, former Greek finance minister Yanis Varoufakis has made a festive appearance.....and dished out some rather unfestive comments. | Rather like the Ghost of Christmas Past, former Greek finance minister Yanis Varoufakis has made a festive appearance.....and dished out some rather unfestive comments. |
| Speaking to Dutch newspaper de Volkskrant, Varoufakis claimed that Greece’s eurozone partners had deliberately forced the country into a third bailout by refusing to engage with the reforms he proposed. | Speaking to Dutch newspaper de Volkskrant, Varoufakis claimed that Greece’s eurozone partners had deliberately forced the country into a third bailout by refusing to engage with the reforms he proposed. |
| As Varoufakis put it: | As Varoufakis put it: |
| “It was a pure coup, one big coup. And that has succeeded | “It was a pure coup, one big coup. And that has succeeded |
| As regular readers know all too well, the Greek saga played out at a series of crunch meetings in Brussels between Yanis and his fellow finance ministers. | As regular readers know all too well, the Greek saga played out at a series of crunch meetings in Brussels between Yanis and his fellow finance ministers. |
| And he tells de Volkskrant that Germany’s representative, Wolfgang Schäuble, was to blame. | And he tells de Volkskrant that Germany’s representative, Wolfgang Schäuble, was to blame. |
| He’s the puppet master who pulls all the strings. All the other ministers are marionettes. Schäuble is the grandmaster of the Eurogroup. He decides who becomes the president, he determines the agenda, he controls everything.” | He’s the puppet master who pulls all the strings. All the other ministers are marionettes. Schäuble is the grandmaster of the Eurogroup. He decides who becomes the president, he determines the agenda, he controls everything.” |
| In contrast, eurogroup president Jeroen Dijsselbloem is dismissed as “a soldier, a puppet … | In contrast, eurogroup president Jeroen Dijsselbloem is dismissed as “a soldier, a puppet … |
| He can’t make any decisions without calling Schäuble.” | He can’t make any decisions without calling Schäuble.” |
| Here’s the full piece (in Dutch). | Here’s the full piece (in Dutch). |
| Politico has pulled out some highlights. | Politico has pulled out some highlights. |
| Varoufakis makes sure no Xmas cards will be exchanged with some of his ex #euro group colleagues https://t.co/FHMxPFQQ37 #Greece | Varoufakis makes sure no Xmas cards will be exchanged with some of his ex #euro group colleagues https://t.co/FHMxPFQQ37 #Greece |
| 10.17am GMT | 10.17am GMT |
| 10:17 | 10:17 |
| And lo, there appeared some economic news.... | And lo, there appeared some economic news.... |
| The number of UK mortgages approved in November has jumped by a fifth year-on-year, to 44,960. | The number of UK mortgages approved in November has jumped by a fifth year-on-year, to 44,960. |
| That’s a slight slowdown on October’s 45,463, but suggests demand for housing remains robust. | That’s a slight slowdown on October’s 45,463, but suggests demand for housing remains robust. |
| Mark Harris, chief executive of mortgage broker SPF Private Clients, says there’s no sign of the mortgage market slowing down: | Mark Harris, chief executive of mortgage broker SPF Private Clients, says there’s no sign of the mortgage market slowing down: |
| It’s been a busy year for many brokers as borrowers take advantage of exceptionally low mortgage rates and seek guidance through the more complicated application process created by the Mortgage Market Review. | It’s been a busy year for many brokers as borrowers take advantage of exceptionally low mortgage rates and seek guidance through the more complicated application process created by the Mortgage Market Review. |
| ‘Remortgaging numbers in particular are rising, as borrowers wonder whether 2016 will finally bring that first interest rate rise for several years. While we are not convinced it will, those who would struggle to pay their mortgage if rates rise should consider a fixed rate. There are still some excellent deals to tempt borrowers although we may have seen the back of the very cheapest products. | ‘Remortgaging numbers in particular are rising, as borrowers wonder whether 2016 will finally bring that first interest rate rise for several years. While we are not convinced it will, those who would struggle to pay their mortgage if rates rise should consider a fixed rate. There are still some excellent deals to tempt borrowers although we may have seen the back of the very cheapest products. |