FTSE 100 rallies 14.3% in 2021, its best year since 2016 – as it happened

Rolling coverage of the latest economic and financial news, on the final trading day of the year

• FTSE 100 has gained 14% this year, best since 2016
• European markets rally 22%; US S&P 500 jumps 27%
• Oil rallied, but gold had a weaker year
• Guardian business Christmas quiz 2021
• The ups and downs of business, politics and economics in 2021
• FTSE 100 returns to pre-pandemic level as investors' Omicron fears ease

From lockdowns and pingdemics' to petrol panic and supply chain chaos, the last 12 months have been a bumpy ride... relive it all here:

Back in the markets, the pound has hit its highest level against the euro since February 2020.

Sterling has been trending higher since the Bank of England unexpectedly hiked rates this month. Also playing into the mix is the relatively subdued US dollar.

Last month, the greenback hit a 17-month high in the immediate aftermath of the Federal Reserve meeting, but since then it has been rangebound.