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The end of the year show

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  • There is a spate of confidence data in the European time zone. The UK consumer confidence number came weaker, the German consumer data OK. We have French business confidence ahead. It is worth reiterating that confidence and survey based data has been becoming less and less reliable.
  • The US offers little data (there is the Kansas Fed business sentiment data if anyone is interested). We do have the Fed's Evans and Lacker speaking however, and after the someone confused Fed statement this week individual Fed comments may assume greater importance.
  • In the absence of economic data to focus on there is a risk that markets will be mesmerised by political issues, oil, events in Russia and so forth. Politics is likely to be a central focus for investors in 2015.
  • Today marks the final UBS morning audio comment of 2015. Normal service will resume on Monday 5 January. On behalf of the global economics team, have as prosperous a new year as circumstances will allow. And to everyone who tuned in during 2014, thank you for listening.

Listen to the audio version of this briefing.