The absence of a traditional Santa rally on London markets this Christmas sums up the story for beleaguered investors in 2011, particularly during the second half of the year. Twelve months ago analysts were indulging not just in mince pies and Champagne but in speculation that the FTSE 100 would breach 6,000 points by New Year’s Eve. This year, relentless macro pressures have dulled the senses more than the booze – and breaking 5,500 would be an achievement for an index that has spent much of the past five months pinned at that level.

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