FTSE 100 hits pandemic high before Santa rally fades – as it happened

Rolling coverage of the latest economic and financial news

• FTSE 100 hits 22-month high
• The FTSE 100 is close to its highest level since February 2020
• Travel and hospitality stocks up, after data suggests Omicron less severe
• Guardian business Christmas quiz 2021
• The US S&P 500 hit record high last night
• Hospital admission risk up to 70% less with Omicron than Delta, UKHSA find
• Selfridges sold as part of 4bn deal

Cities are attracting more property hunters with demand for flats outstripping that of houses in the autumn, the latest sign that the pandemic-fuelled race for space" could be waning.

UK property prices hit record levels during the pandemic as factors including the rise of home and flexible working fuelled a buying boom outside cities.

However, in recent months we've seen higher demand to live near London, with buyer inquiries returning towards pre-pandemic levels. This is happening quicker than some will have anticipated, and is likely driven by many businesses encouraging a hybrid, rather than fully remote working model."

In the UK, the huge surge in cases - with another 119,789 new infections reported on Thursday - means that even if only a small proportion of people with Covid need to attend hospital, it could cause difficulties for the NHS.

Mark Woolhouse, a professor at the University of Edinburgh and one of the co-authors of the Scotland study, said the weight of new research meant that projections would be less pessimistic, although Omicron's rapid spread meant there were still dangers ahead.