Global markets in brief

China's Christmas Day interest rate rise and a severe blizzard that blanketed the north-eastern United States left Wall Street weak and the dollar lower in thinly traded markets yesterday.

The rate increase by the People's Bank of China was the second in just over two months, and while the timing just before year-end may have been a surprise, the move itself was not.

European stock markets fell in response to China's move, although with the UK on holiday until tomorrow, trading activity was limited.

The Dow Jones industrial average closed the day down 17.78 points, or 0.15 per cent, at 11,555.71 but the broader Standard & Poor's 500 Index ended up, but only just, finishing 0.84 points, or 0.07 per cent, ahead at 1,257.61. The Nasdaq Composite Index was up 1.67 points, or 0.06 per cent, at 2,667.27.

In Europe, the FTSEurofirst 300 ended 0.87 per cent lower at 1,137.49.