Market Overview: Unemployment drops far more than expected

0930: The unemployment rate in the UK dropped to 7.4 per cent for the three months ended in October, versus 7.6 per cent in the month before (consensus: 7.6 per cent). The MPC voted unanimously to hold their policy settings unchanged at their meeting on December 4th an 5th, as expected, according to the minutes of the same.

0900: The IFO Institute’s German business confidence index for the month of December edged higher, to hit 109.5, versus the previous month’s reading of 109.3. The expectations component moved up to 107.4 from 106.5.

0851: Shares are recovering some of the ground which they ceded yesterday. That comes as all eyes are, understandably enough, on this evening’s FOMC decision Stateside. Also of import, at 09:30 the minutes of the November MPC meeting are released. Marks&Spencer is leading fallers in the early going after being downgraded by analysts at UBS to ‘hold’ from ‘buy.’ Shares of Morrison are also quite weak on Wednesday morning and trading at technical support. FTSE 100 up 21 to 6,507.