13.12 pm - FTSE 100 hits new record closing high with blue-chip gaining 7.6% in 2017 DESPITE Brexit gloom

A late burst of buy orders have sent Britain’s FTSE 100 index up to a new all-time high.

The final trading day of 2017 ended with a flourish, with the FTSE 100 closing up 64 points or 0.85 per cent at 7687 points.

Before the close, it hit a new intraday high of 7697 points.

The blue-chip index has gained 7.6 per cent during 2017.

Worth remembering that this time last year a a survey of FTSE 350 companies found boards deeply pessimistic about the economy, with 72 per cent of respondents expecting economic conditions to deteriorate.

The Pound is up 0.1 per cent on the Euro to 1.1267 and up on the Dollar 0.56 per cent to 1.3514. 

12.13pm - No City of London exodus says the infamous 'Frankfurt vulture' 

Good news for the City of London after the so-called 'Frankfurt vulture' who is tasked with taking bankers from London to Germany has laughed off predictions of a Brexit exodus from the City of London.

Hubertus Vaeth, whose job is to lure high-ranking bankers to Frankfurt from London, rejected predictions that London will suffer an exodus of financial workers.

Mr Vaeth's remarks contradict the EU's Brexit negotiator Michel Barnier, who has claimed that the City of London will lose its power after Brexit. 

The leadership in Brussels has predicted that a Brexit-induced exodus in the City of London will result in major gains for the European capitals, such as Dublin, Paris and Frankfurt.

11.25am - Last orders at LSE

The FTSE 100 continues its rise as it heads towards another record high on last trading day of the year.

The blue-chip index has now hit 7,648 points, up 25 points or 0.3 per cent today. 

According to Reuters 2017 has been all about gas, oil and other natural resources with mining firms among the FTSE’s best-performing stocks this year, with Antofagasta up 47.4 per cent and Glencore up 40.7 per cent year-to-date.

The Pound is stil doing well and remains up on the Euro 0.13 per cent and up on the Dollar a very healthy 0.51 per cent.

9.28am - FTSE hits record high

Britain’s FTSE 100 index has hit a new record at the start of trading today.

The blue-chip index has jumped by 13 points to 7,636, slightly over yesterday’s record high.

It means the blue-chip index has risen by 4.5 per cent during December in response to the lower pound and the movement towards a trade deal with th EU.

New entrants to the 100 index, Just Eat are doing rather well at 774.50, up 1.91.

9.16am - Brexit is bad business for French village

A village in the south of France has claimed Brexit threatens to wipe out jobs as pressure mounts on the EU to strike a bespoke trade deal.

Oli Smith of Express.co.uk reports on a picturesque village in the south of France has claimed that local businesses are at risk of meltdown in the case of a bad Brexit deal.

Local business owners in Eymet, which is nicknamed 'Little England' for the amount of UK expats living there, insist their livelihoods are at stake in the EU negotiations.

They claim more than a third of their business comes from Britons and a bad Brexit deal could throw this into doubt.

8.43am - Euro data incoming

Destatis (Federal Statistical Office of Germany) is scheduled to issue Germany's flash consumer prices for December.

Economists forecast inflation to ease to 1.5 per cent from 1.8 per cent in November.

Spain's INE will publish its flash consumer prices for December. Inflation is expected to slow to 1.5 per cent from 1.7 percent in November.

The European Central Bank is also set to issue euro area money supply figures. It is forecast to grow 4.9 percent on year in November after rising 5 per cent in October.

7.50am - Sterling gets off to strong start

The Pound is up 0.12 per cent against the Euro to 1.1269, and up 0.23 per cent against the Dollar to 1.347.

The Euro seems to be finding its balance after Italian President Sergio Mattarella formally dissolved parliament, clearing the way for a general election in Italy in March next year.

The result of this election could seriously affect the Euro with a real threat that the new Five Star Movement (M5S) could claim 40 per cent of the vote and claim power. Establishment parties from both the political right and political left are working to ensure that doesn't happen.

Mr Mattarella's ruling centre-left Democratic Party (PD) faces a strong challenge from anti-establishment Five Star (M5S) and right-wing Forza Italia, who want tough measures to curb immigration.

Opinion polls suggest the main rivals - PD, M5S and Forza Italia - will split the vote, making an overall majority for any party unlikely.

According to the polls, M5S has the most voter support - about 28%, ahead of PD on about 23% and Forza Italia, on about 16%, Reuters news agency reports.