The party continues to recognise the need for class struggle but will tolerate capitalist private money to help out

The party continues to recognise the need for “class struggle”, but will tolerate capitalist (private) money to help out the public sector. It opposes the Maastricht treaty and the single currency, but favours “European construction”. It would take part in a Socialist government, but objects to key planks of the Socialists’ policies on social matters and on Europe.With an eye on its real opponents for the workers’ vote – the extreme- right National Front – the party presents itself as France-centred and protectionist compared with the Socialists. The dominant colour at the congress was yellow (the colour often adopted by the National Front).

The red flag was barely to be seen: just a corner on the congress banner, balanced by a tricolour; proceedings concluded with the Marseillaise and the Internationale – in that order.. Madrid – Christmas came early for more than 100 residents of the southern Spanish town of Valencia yesterday when the lottery that bills itself as the world’s richest showered its grand prize of 33bn pesetas (pounds 154m) on them. The jackpot, which Spaniards dub “El Gordo”, (The Fat One) was split among the holders of the 120 tickets bearing the number 56169 .
The Christmas draw dished out a total of 166bn pesetas in tax-free winnings.The winning number was picked yesterday morning by one of the pupils of Saint Ildefonso School, Madrid, who are the stars each year of the traditional ticket draw ceremony, which is televised across the country. Student Raquel Villaescusa beamed as she sang out the coveted number.Millions of other lottery players waited to see if they had won one of the hundreds of smaller prizes.Spaniards spent an estimated 213bn pesetas in recent weeks to take part in the country’s favourite yuletide tradition, an increase of 7.6 per cent over last year.No one knows just how many Spaniards play, because the 30,000-peseta tickets for each number are usually split among family, friends, work colleagues and club mates. Most people buy one or several of the ten 3,000-peseta shares issued for each number, though stakes can be divided down to as little as 100 pesetas.The national lottery system was originally established as a charity during the reign of King Carlos III in 1763. But its objective gradually evolved into filling state coffers.The Christmas lottery, easily as popular as Santa Claus, was begun in 1818. The Spanish treasury now takes a 30-per-cent cut of the takings before the draw.Spaniards, who spend more per head on gambling than any nationality except Filipinos, have steadily bought more tickets for El Gordo every year since 1978..

It’s been, assuming there are no challenging developments in the remaining five trading days, a splendid year for shares, with blue chips leading the charge

Footsie opened 1996 at 3,689.3 points, then a record. It closed at 4,077.6 on Friday and looks as though it will end what had been expected to be a rather sober 12 months at, or near, a peak.
The 250 mid cap index constituents have had a more subdued time but third liners seem to have performed strongly. The FT All-share index has risen more than 220 points to around 1,980.Yet when the bells heralded the start of 1996 a pretty limp year was expected. Many observers believed we would witness an exciting first six months; they thought share prices would be fuelled by a continuation of the takeover stampede which had enlivened the last months of 1995.But as the echoes of the epic Granada battle for control of the Forte catering and hotel empire faded the follow-up action was so thin it hardly stirred the dust.Utilities were a noble exception. They have remained vulnerable, often falling into the arms of adventurous American groups.The second half-year was seen as a rather edgy period as the stock market adjusted to the looming election and the prospect of Tony Blair at No 10.In the event, the first few months were fairly lively but the real fun came in the autumn and in what is becoming the traditional festive share spree.Many observers see next year’s performance emerging as they had expected this year to develop; a strong start and then drift and decline.Indeed, the arguments used to promote many of the 1996 forecasts are being regurgitated to support next year’s crystal ball gazing.Shares, they say, are not overvalued and the late rush of takeover action should continue into next year, helping progress.Most believe the advent of a Labour government is already factored into share prices. But whichever party wins the election, they expect monetary policies to be tightened and shares to come under pressure.

So, runs the conventional argument, Footsie will have a good run in the first months of the year but will close very near the level on which it ends 1996.This year was regarded as relatively easy to call; yet many experts were wrong footed. Next year, with the election, is much more difficult to read; so, on past form, a year from now there are likely to be some red faces around the City.A Labour government could tempt overseas investors to run for cover. And, if overseas investors start to sell, the market will be a sea of red and fund managers, like Tony Dye of PDFM, who are banking on a fall, will be spared the acute embarrassment of having completely misjudged the market.”Red” Dye is, of course, betting on a serious correction, even a crash. He has increased his cash pile at the expense of his share portfolio.