Today's news headlines:
'UK consumer confidence shows first uptick in 15 months, Deloitte says'. According to financial consulting giant Deloitte, UK consumer sentiment has lifted by over half a per cent to the minus 19.7 percent level. The survey released on Monday for the final quarter of 2022 shows that consumer confidence in Britain has risen for the first time in five consecutive quarters as pay rises and Christmas bonuses begin to improve sentiment on household disposable income. However, concern is still growing about the number of layoffs and redundancies seen in the headlines as job security sentiment further declined by over a percent to minus 10 percent. (Financial Times)
'Oil market braces for fresh turmoil as EU prepares to cut off Russian diesel'. Sanctions on Russian refined fuel imports to the European Union will come into effect next month, along with a G7-backed global price cap on sales. The severance, like the course of action taken on crude oil imports in December, could further raise prices and lead to additional shortages. The world economy has only just started enjoying cooling natural gas prices, but this fresh injection of volatility could deflate hopes that fuel prices have peaked. (Financial Times)
After Deloitte's UK consumer confidence survey this morning showed a surprising lift in sentiment, all eyes will be on the Eurozone data to see if it tells a similar story. Analysts are predicting it will. Meanwhile, European Central Bank President Christine Lagarde speaks this afternoon in Germany as investors will no doubt look for clues as to how long the central bank aims to hike for before taking its foot off the gas.
Chinese Bank Holiday: All week
German Buba Monthly Report: Tentative
Eurozone Consumer Confidence: 3:00PM
ECB President Christine Lagarde speaks: 5:45PM
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