Market report: Santa rally proves elusive 

• FTSE 100 in the red as Santa rally proves elusive for European indices.
• Lack of cheer for UK economy as growth revised down.
• Retailers hope last minute shoppers will provide a boost.
• Brent crude rises as President elect Trump sets his sights on the Panama Canal
• Avivia’s early Christmas present as Direct Line deal goes through.

Susannah Streeter, head of money and markets, Hargreaves Lansdown:

‘’The FTSE 100 has continued on its losing streak, with a Santa rally proving elusive, while European indices are also in less cheery shade red. There’s not much merriment around for the UK’s economic prospects as the latest assessment from the ONS paints a picture of stagnation. Instead of meagre growth of 0.1% the economy stood still between July and September, and that was before the Budget cast another chill, and caused output to shrink in October. The long period of speculation prior to Rachael Reeves announcements is unlikely to have helped, given the rumour mill was running on overdrive. With growth flagging even before the hike in National Insurance contributions comes into effect, it’s likely to make some companies that bit more hesitant about hiking wages or going on recruitment