Key events:       UK – Average Earnings Index +Bonus (Nov) UK – Claimant Count Change (Dec) Canada – Core CPI (MoM) (Dec) Since the US markets were closed yesterday due to Martin Luther King Day celebrations, European markets have pulled out modest gains, helped by a further weakening European natural gas prices, which fell to their lowest level in 16 months.

Key events:       USA – Initial Jobless Claims USA – Crude Oil Inventories Yesterday we could see quite weak activity in the financial markets as traders continue to celebrate Christmas and wait for a new year. And today markets are definitely feeling the holiday trade: light news flow combined with low liquidity led to uneven but ultimately insignificant movements. It looks very much like we are now just drifting into 2023, which is when things will pick up quickly again.

Key events: Eurozone – ECB President Lagarde Speaks      USA – Initial Jobless Claims European markets continued their third consecutive day of declines yesterday amid concerns over weak economic data and a tighter inflation outlook, while the U.S. markets also continued their losing streak with the S&P 500 index closing lower for the 5th consecutive day.