Short trading session today due to the Christmas holiday. Asian markets closed mixed amid thin volumes. The Shanghai Composite Index edged down -1.97% on continued profit-taking while the Nikkei 225 rose 1.24% following a modest rally of the USD against the Yen. Bourses in Europe also started the day mixed and continue to float close to their opening levels, for the exception of the FTSE MIB which is posting a 1.46% gain.
US markets approach opening time with positive sentiment from yesterday’s Q3 GDP data which reported that the US economy grew at the fastest pace in 15 years. However, due to the holiday, it prospects to be a quiet day as well.
US stocks continue to rally as Christmas approaches, with Dow Jones crossing a record 18,000 points. However investors are wary since the period from the beginning of December to Christmas is always marked by the Santa rally, traditionally followed by a fall in the time between Christmas and New Year. However the positive outlook after the strong GDP growth data in the US is likely to sustain the optimism for longer, considering that the report shows the fastest Q3 growth since 2003.