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Spain

Spain’s final GDP for the third quarter was +2.6 percent, compared to +2.0 percent in the previous quarter. 

GDP +3.4 percent y/y versus +2.7 percent preliminary 

The preliminary data confirms a relatively moderate improvement in the Spanish economy in the fourth quarter, with summer peak circumstances contributing. However, given the new twists and turns, anticipate things to be more muted in Q4.

Vaccine

AstraZeneca claims third vaccination dosage was successful against omicron in the trial. 

A third dose works equally as effectively against omicron as two doses against delta. 

The company has released a statement stating that its COVID-19 vaccine was effective against omicron after the third treatment in a study. The details indicated neutralising levels comparable to those seen following a standard two-dose course of the delta.

Gold

Gold trades higher in December but it doesn’t really feel like it

• Amid some softness in the dollar in the past day, gold is trading back up above $1,800 currently.
• But while the yellow metal is trading higher so far this month, there still seems to be something lacking
• Typically, December and January have proven to be a strong seasonal period for gold to shine
• the dollar’s resilience and Fed’s hawkishness were reasons pinning down gold but buyers tried to make a play for a push above $1,800 in the aftermath last week. That eventually fizzled and price action reverted back to the key daily moving averages @ $1,788-96 but we are seeing some appetite again this week.
• For now, buyers look a little poised but break above $1,815 and that could set the stage for a stronger push towards the key trendline resistance around $1,860 and perhaps even the November high at $1,877 – that is with the seasonal tailwind permitting going into January.