Economic Events and Corporate Reports for Thursday, December 25, 2025. Christmas Day, Closure of Global Markets, Macroeconomic Statistics from Russia and Key Indicators for Investors.
Thursday, December 25, will be marked by a near-complete pause in financial markets due to the celebration of Christmas. Most exchanges around the world will be closed, and trading activity will be minimal. There are no major macroeconomic releases or corporate reports scheduled in the West, hence attention shifts to regions not observing this holiday. In particular, in Russia, where December 25 is a working day, important economic indicators will be released, including data on inflation and industrial production. Nevertheless, for global investors, the Christmas break provides an opportunity to take a breather and reassess strategies ahead of the year's concluding week.
Macroeconomic Calendar (MSK)
- Christmas Day – a holiday for most global financial markets.
- Russia – release of inflation and industrial production figures (for November).
Global Markets: Christmas Holidays
Christmas Day leads to a widespread halt in trading across global markets. There will be no sessions held on major exchanges on December 25, which means a pause in the movement of stocks, currencies, and commodities. The situation across regions is as follows:
- North America: In the USA and Canada, exchanges (including NYSE, Nasdaq, and TSX) remain closed, and indices such as Dow Jones and S&P 500 will not trade.
- Europe: All major European exchanges (London, Frankfurt, Paris, etc.) will be non-operational; indices like Euro Stoxx 50, FTSE 100, and DAX will remain unchanged during the holiday period.
- Asia-Pacific: Most markets in the APAC region will also be on break – for example, Hong Kong and Singapore will not trade on December 25. The Tokyo Stock Exchange (Nikkei 225) will be technically open; however, the global pause reduces volumes and volatility there as well.
- Latin America: Leading markets in the region, including Brazil’s B3 and the Mexican Exchange, are closed for Christmas, following the Catholic traditions of most Latin American countries.
- Russia: The Moscow Exchange (MOEX) will operate as usual since Christmas is celebrated on January 7. However, given the overall lull and the lack of external benchmarks, trading activity on MOEX is expected to be subdued.
Low Liquidity: Caution in Thin Markets
The festive quiet in exchanges results in extremely low liquidity. Even on those platforms that remain open (like in Tokyo or Moscow), trading volumes are reduced due to the absence of many foreign participants. In such an environment, any unexpected news could result in disproportionate price fluctuations, although significant surprises on Christmas Day are typically rare. Investors are advised to exercise heightened vigilance: in a thin market, spreads may widen, and individual transactions could significantly impact quotes.
Russian Macroeconomic Statistics: Inflation and Industrial Production
In the absence of Western news, the focus turns to the Russian economy. Rosstat will release data on consumer inflation and industrial production for November on this day. The inflation indicator will reflect how the growth rate of prices deviates from the Bank of Russia's target (4%) against the backdrop of the ruble's dynamics and domestic demand.
Statistics on industrial production will showcase the condition of key sectors of the Russian economy at the year-end — whether there is a growth in output at enterprises or a continued decline. These figures are crucial for understanding the trajectory of the economy: increased inflation may heighten expectations for further tightening of monetary policy, whereas stability in industry would signal that businesses are adapting to current conditions. While the data is primarily local in nature, its consideration is important for participants in the Russian market and regulators.
Corporate Reporting: A Quiet Period
On the corporate front, December 25 brings about a near-complete lull. The holiday pause means there will be no financial result publications from major companies worldwide.
- USA and Europe: In the USA, Europe, and the UK, no reports will be released on this day — companies in the S&P 500 and Euro Stoxx 50 indices have suspended their release schedules for the holiday period.
- Asia: The Asia-Pacific region will also see no significant reports. In Japan (Nikkei 225), major quarterly results are traditionally released earlier, and by the 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 has a sparse corporate event calendar in December: most Russian issuers completed the disclosure of financial results for previous periods in the autumn. No new reports from Russian blue chips are expected on December 25, apart from possible operational updates from select companies.
Geo-Economics: EAEU-Indonesia Agreement
Despite the absence of urgent news, one of the notable events of the week is the signing of a trade agreement between the Eurasian Economic Union (EAEU) and Indonesia. This strategic step aims to strengthen economic ties between the largest economy in Southeast Asia and the CIS countries and Russia.
The deal does not have an immediate impact on market conditions in the short term—especially amidst the Christmas pause. However, in the long run, the agreement opens up new opportunities for growth in trade and investment. The expansion of foreign economic relations highlights the EAEU countries' desire to integrate into global markets, which may have positive effects for exporting companies and sectors oriented towards cooperation with Asia in the future.
Day's Summary: Key Takeaways for Investors
- Market Closure: Christmas halts trading on leading exchanges, and volatility for major assets will remain minimal.
- Russian Macroeconomic Statistics: Inflation and industrial production data are significant for the local market but do not exert global influence.
- Liquidity: Thin market due to holidays — even minor news may induce disproportionate fluctuations, hence caution is needed.
- Investor Strategy: It is prudent to refrain from active trading on such a day and utilize the pause for portfolio assessment and planning.
- Looking Ahead: After the holidays, markets will resume operations; in the final week of the year, heightened volatility may occur due to portfolio rebalancing and annual position closures.
