Key Economic Events and Corporate Reports for Friday, 26 December 2025: The Impact of Boxing Day on Liquidity, Where Markets are Closed and Where Trading Continues, and What Investors Should Focus on at Year-End
This trading day unfolds in an atmosphere of festive calm across global markets. Following Christmas Day, many exchanges have yet to resume operations, and no significant economic events are on the horizon. On 26 December, investors do not anticipate the release of new macroeconomic data or financial results from major companies, resulting in minimal trading activity. Any price changes on this day are likely to be driven primarily by the inertia of earlier events and technical factors associated with year-end closing.
Boxing Day Holiday and Closures on Key Exchanges
Boxing Day is celebrated on 26 December in several countries, marking a traditional holiday following Christmas. In the United Kingdom, Germany, and Commonwealth nations (Australia, Canada, New Zealand, South Africa, etc.), markets are closed, and trading does not take place. Most European exchanges also remain on their Christmas breaks, significantly reducing global trading volumes and depriving markets of one of their primary liquidity sources. In the absence of European investors, global stock indices lack familiar benchmarks in the morning, leading to an overall lower market activity than usual.
Open Markets: The US and Asia Trade Normally
American stock exchanges (NYSE, NASDAQ) operate on their regular schedules: 26 December is not an official holiday in the United States. However, activity on Wall Street may be below average, as many traders and funds extended their holiday break until the end of the week. Consequently, any fluctuations in quotes will likely be linked to a reassessment of already known information. Market participants in New York continue to digest the final GDP estimate for the US for Q3 and the consumer confidence index released on Tuesday, with no new data to guide them.
Asian exchanges, including Japan (Nikkei 225) and mainland China, are also open and trading, as Christmas Day is not a public holiday in these countries. However, trading volumes in Asia today are quite modest as global market participants are absent, and local investors are not exhibiting heightened activity. Daily fluctuations in Shanghai and Tokyo appear largely technical in nature, lacking pronounced trends.
Macroeconomic Statistics: A Pause in Publications
The international economic calendar for 26 December is virtually empty. Government agencies and regulators in the US and Europe have no publications scheduled during this festive period. Similarly, no significant statistics are expected from Asia – key indicators were released earlier in December. As such, investors have no fresh macroeconomic benchmarks to refer to this Friday, and markets are relying on previously available data.
- Russia: Rosstat will publish the monthly report on the "Social and Economic Situation in Russia" for November.
- Russia: Data on business activity for December will also be released.
The Russian statistical indicators, which are released as usual, provide insight into the state of the Russian economy at year-end. However, the impact of this data is confined to the national market and is unlikely to shift global trends in the absence of international events.
Corporate Events: A Quiet Year-End
The corporate calendar for 26 December is extremely sparse. The earnings season (the release of quarterly financial reports) is practically over, and none of the companies listed in the major indices (S&P 500, Euro Stoxx 50, Nikkei 225, Moscow Exchange Index) plan to publish financial results on this day. Even in the US, where markets are open, no notable quarterly reports are expected, as large corporations prefer not to announce results during the height of the holiday week. A small number of lesser-known companies may have scheduled releases, but these are unlikely to attract serious investor attention or impact the overall news backdrop.
It is worth noting a singular event in the Russian market. The energy company EL5-Energo is holding an extraordinary general meeting of shareholders (in absentia), during which the reorganisation via the consolidation of two subsidiaries – AOVDK-Energo and LLC "LUKOIL-Ecoenergo" – will be considered. This reorganisation involves the issuance of approximately 27 billion new shares of EL5-Energo, which will significantly increase the company’s charter capital. Although this corporate event is relevant for EL5-Energo shareholders and the Russian energy sector, it is of a local nature and does not influence the overall market sentiment.
Thin Trading and Neutral Market Dynamics
The absence of fresh news and the reduced number of active market participants lead to "thin" trading – characterised by low liquidity and calm price dynamics. Under such conditions, major stock indices (S&P 500, Euro Stoxx 50, Nikkei 225, Moscow Exchange Index) typically remain within narrow ranges. Volatility is low, as large investors have already secured their positions and are reluctant to initiate new trades ahead of the New Year. Even oil prices and major currency rates are fluctuating without sharp changes, reflecting a general wait-and-see sentiment.
It is worth mentioning that the end of December occasionally brings about the so-called "Santa Claus rally" – a seasonal price increase on low volumes. However, in 2025, the prospects for a solid rally appear limited: investors have adopted a cautious stance after mixed macroeconomic results in recent weeks. As a result, significant price spikes during the session on 26 December are not anticipated.
What Investors Should Focus On
In light of this quiet pre-New Year session, investors are advised to take a cautious approach. The Friday following Christmas does not promise major profit opportunities, but it does allow for a calm assessment of the situation in the markets.
- Avoid unnecessary trades: low liquidity increases risks for any transactions, and market movements may be random.
- Use the trading pause to analyse your investment portfolio: summarise the results of 2025 and check the alignment of assets with your chosen strategy.
- Prepare plans for January: with the onset of the New Year, market activity will resume, and it is crucial to be ready for potential volatility upticks as major participants return to the market.
Overall, 26 December is quiet and can be viewed as the "calm before the storm" ahead of the final trading sessions of 2025. Following the lengthy holiday weekend, markets will enter the final week of the year, where some participants may carry out portfolio rebalancing and close annual books. Investors should be prepared for these shifts, maintaining discipline and a long-term perspective despite the short-term lull.
