GLOBAL MORNING BRIEFING: December 23

^{Thursday's data is relatively light as we get closer to the Xmas weekend. Focus turns towards US personal income and spending data in the afternoon.}

^{Spanish GDP (0800 GMT)}

^{Spain’s final GDP numbers are seen confirming flash estimates, with analysts predicting 2.0% q/q and 2.7% y/y growth for Q3. This quarterly growth rate would be almost double Q2's reading and the strongest since Q3 last year, largely due to recoveries in fixed investment and exports despite household consumption dampening.}

^{Italy Business/Consumer Confidence to Dampen (0900 GMT)}

^{Italian Sentiment Indexes are expected to dampen in December, with consumer confidence projected to weaken to 116.3 from 117.5. Business confidence is set to ease to 115.3 from 116.0, remaining strong following last month's 21-year high.}

^{Canadian GDP (1330)}

^{Canada’s October GDP growth is projected to have risen to 0.8% m/m, up from September’s reading of 0.1%. This expected increase is likely attributable to recovery in the automobile industry and some easing of supply chain disruptions.}

^{Both retail and wholesale sales alongside services are likely to have attributed to growth. On Monday Quebec reintroduced closure of customer-facing services, which could imply nationwide restrictions in upcoming months.}

^{US Personal Income and Spending / Initial Jobless Claims (1330 GMT)}

^{Personal income is projected to dampen to 0.4% in November, from 0.5% in October. Personal spending is expected to follow suit, weakening to 0.6% in November, down from 1.3%. This is likely on the back of slowed spending on goods, with service sales remaining strong.}

^{Analysts forecast that initial jobless claims will reduce for the week ending December 18 from 206k to 205k in aa continuation of the overarching downward trend. Jobless claims are substantially below average rates, with the reading from two weeks prior dropping to the lowest level since 1969, reflecting a very tight labour market as the Fed accelerates tapering and ditched “transitory” language in their latest meeting.}

^{There are no key policy maker speeches this week in the lead up to Xmas.}