Friday preview: UK data and US inflation stats in focus

There will be an absence of corporate results on Friday as markets wind down for the Christmas holiday, but that won't stop a flurry of economic data announcements from being released from the UK and US.

After strong gains in recent weeks, stock markets have begun to lose their lustre with "equities losing traction as the prospect of a year-end Santa Rally starts to dim", according to analyst Joshua Mahony from Scope Markets.

All major markets across Europe and the US will be open as usual on Friday, but UK markets will close early at 1230 GMT.

First up on Friday will be the second estimate of UK GDP, due at 0700 GMT, which is expected to show confirm initial results of no growth in the third quarter, after a 0.2% increase in the second quarter.

UK retail sales will also be on tap before markets open, and are tipped by analysts to have grown by 0.4% in November after a 0.3% fall the month before. The year-on-year change is forecast to be -1.3%, up from -2.7% previously.

Over in the US, the all-important personal consumption expenditures (PCE) index will be in focus given it is the Federal Reserve's most preferred measure of inflation. Following last week's Fed policy meeting, which indicated that a number of rate cuts are on the cards for 2024 dependent on incoming economic data, traders will be paying close attention.

The year-on-year rate of PCE inflation is forecast to slow to 2.8% in November from 3.0% in October, with the core rate – which excludes food and energy – easing to 3.3% from 3.5%.

Personal spending, durable goods orders, new home sales and the University of Michigan consumer sentiment index will also be released later in the US session.

Friday 22 December

INTERIM DIVIDEND PAYMENT DATE

Cordiant Digital Infrastructure Limited NPV, Inspiration Healthcare Group , Investec, Marks Electrical Group, NEWCASTLE 10 3/4% PERM INT BEARING SHS #1000, Ninety One , Record

QUARTERLY PAYMENT DATE

BlackRock World Mining Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Durable Goods Orders (US) (13:30)

New Homes Sales (US) (15:00)

Personal Consumption Expenditures (US) (13:30)

Personal Income (US) (13:30)

Personal Spending (US) (13:30)

U. of Michigan Confidence (Final) (US) (15:00)

GMS

Tlou Energy Limited (DI), Various Eateries

EGMS

PJSC Tatneft ADS , SDIC Power Holdings Co.,Ltd GDR (Reg S)

AGMS

Corcel, European Metals Holding Limited (DI), Gulf Investment Fund, Plexus Holdings, Wildcat Petroleum

UK ECONOMIC ANNOUNCEMENTS

Current Account (06:00)

Gross Domestic Product (07:00)

Retail Sales (07:00)

FINAL DIVIDEND PAYMENT DATE

Tristelh