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Markets: 22nd December

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Markets: 22nd December

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With market makers slipping away for the holidays trading was thin on Tuesday, but European stocks held firm and closed at a 14-month high, up 0.67 percent.

That came as Moody’s delivered a widely anticipated downgrade to Greece’s sovereign rating. It was not as bad as had been feared, so Greek bank shares soared.

As the festive season approaches, Oliver Roth, a Frankfurt based trader with Close Brothers Seydler Bank, explained what he and his colleagues want for Christmas.

He said: “The traders have the same wishes at Christmas as everyone: to have a peaceful Christmas with their families. We are all looking forward to next year and we hope that it will be better – job wise -than the last one.”

Investors barely reacted to new data showing the US economy grew at a much slower pace than first thought in the third quarter, at a 2.2 percent annual rate, instead of the 2.8 percent reported last month.

Oil prices slipped after OPEC agreed to maintain its existing production targets and as the dollar rose against other currencies.