Economic Events and Corporate Reports for Thursday, 25 December 2025. Christmas Day, Global Market Closures, Russia's Macroeconomic Statistics, and Key Geopolitical Indicators for Investors.
Thursday, 25 December, is set to be a day of virtually complete inactivity in the financial markets due to the celebration of Christmas. Most exchanges worldwide will be closed, and trading activity will be minimal. No major macroeconomic releases or corporate reports are scheduled in the West, thus the focus shifts to regions that do not observe this holiday. Notably, in Russia, where 25 December is a working day, key economic indicators will be released – data on inflation and industrial production. Nevertheless, the Christmas pause offers global investors a chance to take a breath and reassess their strategies ahead of the year's final week.
Macroeconomic Calendar (MSK)
- Christmas Day – a holiday on most global financial markets.
- Russia – publication of inflation and industrial production data (for November).
Global Markets: Christmas Holidays
Christmas Day leads to a widespread halt in trading on global markets. No sessions will be held on major exchanges on 25 December, meaning a pause in the movement of stocks, currencies, and commodities. The situation across regions is outlined below:
- North America: Stock exchanges in the USA and Canada (including NYSE, Nasdaq, and TSX) are closed, and indices Dow Jones and S&P 500 will not trade.
- Europe: All key European exchanges (London Stock Exchange, Frankfurt, Paris, etc.) are non-operational; indices such as Euro Stoxx 50, FTSE 100, and DAX remain unchanged during the holiday period.
- Asia-Pacific Region: Most markets in the Asia-Pacific are also on holiday – for instance, Hong Kong and Singapore will not trade on 25 December. The Tokyo Stock Exchange (Nikkei 225) is technically open, but the global lull decreases volume and volatility there as well.
- Latin America: Leading markets in the region, including Brazil's B3 and the Mexican Stock Exchange, are closed for Christmas, adhering to the Catholic traditions of most Latin American countries.
- Russia: The Moscow Exchange (MOEX) operates as usual since Christmas is celebrated on 7 January. However, under the present quiet conditions and absence of external benchmarks, activity on the Moscow Exchange is expected to be subdued.
Low Liquidity: Caution in a Thin Market
The festive silence on the exchanges results in extremely low liquidity. Even on the open platforms (like Tokyo or Moscow), trading volumes decrease due to the absence of many international participants. In such an environment, any unexpected news can trigger disproportionate price fluctuations, although significant surprises on Christmas Day are generally rare. Investors are advised to exercise heightened caution: in a thin market, spreads may widen, and individual trades can significantly impact quotations.
Russian Macroeconomic Statistics: Inflation and Industrial Production
In the absence of Western news, the focus turns to the Russian economy. Rosstat will publish consumer inflation data and the volume of industrial production for November on this day. The inflation figure will reflect to what extent price growth rates deviate from the Bank of Russia's target (4%) amid the dynamics of the rouble exchange rate and domestic demand.
The industrial production statistics will showcase the state of key sectors of the Russian economy at the year's end – whether there is growth in output at enterprises or if a decline persists. These figures are crucial for understanding the trajectory of the economy: an acceleration in inflation could intensify expectations for further tightening of monetary policy, while stability in industry would signal that businesses are adapting to current conditions. Although the data is predominantly local, its consideration is important for participants in the Russian market and regulators.
Corporate Reporting: A Lull
There is virtually complete silence on the corporate front on 25 December. The festive pause means that no financial results are scheduled for release from major companies worldwide.
- USA and Europe: In the USA, European countries, and the United Kingdom, no reports will be released on this day — companies in the S&P 500 and Euro Stoxx 50 indices have halted their release schedules during the holiday season.
- Asia: There are also no significant reports in the Asia-Pacific region. In Japan (Nikkei 225), key quarterly results are traditionally published earlier, and by year-end, the reporting season has already concluded, while major Chinese and other Asian issuers do not plan releases for this date.
- Russia: The Moscow Exchange is not rich in corporate events in December: most Russian issuers completed their disclosure of financial results for previous periods in the autumn. No new reports from Russia's blue chips are expected on 25 December, limited only to possible operational updates from a handful of companies.
Geo-Economics: EAEU-Indonesian Agreement
Despite the absence of urgent news, one of the notable events of the week is the signing of a free trade agreement between the Eurasian Economic Union (EAEU) and Indonesia. This strategic step aims to strengthen economic ties between Southeast Asia's largest economy and the CIS states and Russia.
This agreement will not directly influence market conditions in the short term – especially during the Christmas pause. Nevertheless, in the long term, it opens new opportunities for trade and investment growth. The expansion of foreign economic ties underscores the EAEU countries' desire to integrate into global markets, which could positively reflect on exporting companies and sectors focused on cooperation with Asia in the future.
Day's Summary: What to Watch for Investors
- Market Holidays: Christmas halts trading on leading exchanges, and volatility in major assets will remain minimal.
- Russian Macroeconomic Statistics: Data on inflation and industrial production is important for the local market but will have no global impact.
- Liquidity: A thin market due to the holidays – even minor news can provoke disproportionate fluctuations, warranting caution.
- Investor Tactics: It is wise to refrain from active trading on such a day and utilise the pause for portfolio assessment and planning.
- Looking Ahead: Following the holidays, markets will resume operations; increased volatility is expected in the final week of the year amid portfolio rebalancing and year-end position closures.
