Rolling coverage of the latest economic and financial news, as stocks rise in New York’s shortened Christmas Eve session

Is the Christmas shopping period more of a whimper than a bang for Britain’s retailers this year?

Shopper traffic yesterday remained “stubbornly muted”, according to the latest footfall data from Sensormatic Solutions, which shows that visits were 13.1% lower than a year ago.

“After an unsettled start to the festive period - defined by shaky consumer confidence and spending hesitancy – retailers will be left feeling frustrated that footfall remains stubbornly muted, after many were pinning their hopes on a surge in store traffic yesterday.”

“With consumers leaving purchases right up to the wire, some retailers have released Boxing Day deals early to try and unlock that, so far, elusive consumer spending.”

“What we’ve seen over the past week is a combination of position squaring in thin markets, after last week’s breakdown failed to gain traction, coupled with heightened geopolitical tensions, including the US blockade on Venezuela and supported by last night’s robust GDP data.”