Closing summary
Time to wrap up…
The US economy surged over the summer, the commerce department announced on Tuesday in one of the final snapshots of the nation’s finances to be released in 2025.
Gross domestic product (GDP) – a broad measure of the value of goods and services – rose at an annualized rate of 4.3% over the third quarter, far higher than expected and its fastest rate in two years.
The surprisingly strong growth “reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment”, according to the Bureau of Economic Analysis.
Economists had been expecting the growth rate to slow to 3.2% from an annualized rate of 3.8% in the second quarter.
Economists said strong consumption had driven growth, while there was an apparent slowdown in investment in AI datacentres.
However, separate data shows US consumer confidence has dropped again.
In other news.
Tesla’s European sales have dropped again, as Elon Musk’s car company lost ground to Chinese rivals
Ryanair is to appeal a €256m (£223m) fine imposed by Italy’s competition authority for abusing its dominant market position to limit sales of tickets by online travel agents.
Copper hit a record high today, driven by supply worries and a weak US dollar
Shares in Novo Nordisk jumped after it won approval from the U.S. Food and Drug Administration for the first weight-loss drug to be administered orally
Denise Coates, the billionaire boss of Bet365, took home at least £280m in pay and dividends in 2025 despite a slump in pre-tax profits
US consumer confidence drops again
Ouch! US consumer confidence has dropped for the fifth month running, taking some of the shine off today’s strong growth report.
The Conference Board has reported that its US consumer confidence index fell to 89.1 this month, down from 92.9 in November.
A gauge of present conditions dropped to 116.8, the lowest since February 2021, while a measure of expectations for the next six months held steady in December.
