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"Equity markets are without any doubt in a Santa rally mood, and there is still more potential for an upward move by the end of this year. However, we may see some profit-taking ahead of next week's U.S. employment data, which could flare up the tapering talk," said Naeem Aslam, chief market analyst at AvaTrade. Tapering refers to the expected scaling back in the Federal Reserve's $85 billion a month bond-buying program.