Friday preview: Final UK GDP reading wraps up pre-Christmas week

As the week before Christmas comes to an end in London with confirmation of UK national growth data and a curtailed stock exchange session, though there's no rest for the wicked over on European and US stock markets.

City traders and brokers can slope off at lunchtime, with the London Stock Exchange's closing bell ringing at 1230 GMT.

This follows the final reading of the UK third-quarter gross domestic product number, which was first indicated by the Office for National Statistics as having grown 0.5% on the preceding quarter and 2.3% on last year.

Most economists expect there to be no change announced on Friday but those who are still working will be looking at the finer details, including confirmation of the current account deficit and revisions to back-data from the start of 2015 after the ONS said earlier this month that it had unearthed an error in its balance of payments calculations.

HSBC, for example, said it saw no reason to expect the number to be revised, though was looking for the release to provide more accurate data on the breakdown by expenditure.

"Last month’s breakdown made the economic picture look quite rosy, with business investment growing and net exports contributing a generous 0.7pp.

"There is some uncertainty around the Q3 current account deficit number, which will be published for the first time in this release."

HSBC said while it was good news that the error had made the current account look bigger than it really is, the ONS also suggested that the Q3 trade deficit could be revised wider.

"So those hoping for early evidence of rebalancing due to the weaker currency may be disappointed."

Notable data elsewhere includes German consumer confidence in the morning, while Canadian GDP and US new home sales and the University of Michigan consumer sentiment index arrive after most in London will have knocked off for the year.

No corporate news of significance is scheduled, but there will still be a reasonable flow of small cap news and perhaps the odd profit warning or two will be slipped out or saved until even quieter times next week.

Friday December 23

UK ECONOMIC ANNOUNCEMENTS

GDP third-quarter, final (09:30)

INTERIM DIVIDEND PAYMENT DATE

B&M European Value Retail S.A. (DI), CMC Markets , Majestic Wine, Martin Currie Asia Unconstrained Trust , MS International, Record, Wynnstay Properties

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

GFK Consumer Confidence (GER) (07:00)

Consumer spending (FRA) (07:45)

New Homes Sales (US) (15:00)

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

SPECIAL DIVIDEND PAYMENT DATE

Keystone Inv Trust, Trans-Siberian Gold

EGMS

Novolipetsk Steel GDS (Reg S)

AGMS

Frontier IP Group, Mosman Oil and Gas Limited (DI)

FINAL DIVIDEND PAYMENT DATE

Northern Venture Trust, Orchard Funding Group