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Friday preview: LSE shuts early, Catalan election results due

By Oliver Haill

Date: Friday 22 Dec 2017

LONDON (ShareCast) - (ShareCast News) - Friday's session on the London Stock Exchange will end at 1230 GMT, though there's little let-off elsewhere, with UK national accounts, European and US stock markets trading normal hours and elections in Catalonia to provide a seasonal dollop of risk.
UK accounts will be released at 0930 GMT, including a third and final calculation of gross domestic product, balance of payments data and October's index of services.

GDP is expected to show no change in the third quarter growth of 0.4% compared to the preceding quarter. Neither estimate of industrial production nor construction output has been revised since the second estimate of GDP, while survey evidence backs up the growth in services .

For the balance of payments, the consensus forecast points to the current account deficit narrowing to 21.4bn in the third quarter from 23.2bn in the second.

Economists at Pantheon Macroeconomics predicted a deficit of 21bn, with the deficit narrowing to 4.1% of GDP, from 4.6%. "This would underline that sterling's depreciation has not materially healed the UK's eternal imbalance."

For the index of services the market it looking for a 0.2-0.3% month-to-month rise in services output, down from the previous 0.4%.

Pantheon even suggested it could be as low as 0.1%, given the recent weakness of the purchasing managers index surveys.


The euro may becalmed or could start to wobble due to Spanish political risk, with provisional data due overnight, according to Bolsamania.

Meanwhile, traders will also be looking at US personal income and spending data and core PCE inflation. Also due out in the US is the flash durable and capital goods orders data, new home sales and the final University of Michigan consumer sentiment reading. In Europe, France also has GDP data while in Germany it's a consumer confidence report.

Friday December 22

Durable Goods Orders (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
New Homes Sales (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
U. of Michigan Confidence (US) (14:00)

Current Account (09:30)
Gross Domestic Product (09:30)
Index of Services (09:30)

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