CRUMBS AHEAD OF THE CHRISTMAS FEAST

Little on the City's menu this week as company earnings reports take a break, but some morsels of economic data are due before Christmas feasting begins.

The Confederation of British Industry's quarterly pay settlements survey on Monday will show awards remain modest.

In September the CBI said service sector pay deals had fallen back and no longer outpaced manufacturing, although both sectors have seen recovery since.

The October index of activity for the main distribution industries of retail, wholesale and motor trades is the main item of economic data due on Tuesday.

September's figures showed high street activity holding up fairly well, but more recent reports suggest consumers' belts have begun to tighten as interest rates edge back up from 48-year lows.

Output from the three sectors was 1.6% higher than in August.

The London Stock Exchange has had a subdued month so far, but in some years a late burst of year-end buying has pushed the market ahead.

However, the most likely prospect is for two and a half days of light trading, before the market closes for the holiday at 12.30pm Christmas Eve.

The US makes shorter work of the festive season, so Wall Street will reopen for business on Boxing Day.

MONDAY December 22

CBI pay settlements survey.

TUESDAY December 23

Index of distribution (Oct). Gross domestic product (Q3 final estimate).

WEDNESDAY December 24

Christmas Eve. London Stock Exchange trading ends at 12.30pm.

THURSDAY December 25

Christmas Day. European and US markets closed.

FRIDAY December 26

Boxing Day. European markets closed.