Adding to the dire mood is new data showing that Britain’s third quarter GDP growth grew at a slower pace than expected, at 1.1%, which was even before the surge of the Omicron variant in the country. The economy is still 1.5% smaller than before the start of the pandemic. It was also revealed that business investment fell by 2.5% year-on-year in the third quarter and was more than 11% below its pre-pandemic level.
Among stocks, Rolls Royce gained 1.1% after unveiling plans to invest in methanol technology for climate-friendly shipping.
Things to read today:
Wall Street Ends Crazy Year With Existential Angst and Big Bonuses (Bloomberg)
Boris Johnson’s personality politics offer diminishing returns (Financial Times)